During the recent surge of the Pound against the Japanese Yen more patterns were broken. Namely, two ascending channels of various importance have been broken to the upside at the point of the crossroads of their resistance lines.
However, the break out was stopped by the resistance of the monthly R2 at the 153.80 mark. Moreover, since then the pair has declined, as it approaches the support of the weekly PP at the 152.41 level.
In regards to the future, it is imperative to watch the pair’s movements near pivot points and SMAs in an order the spot the next pattern, which could be taken advantage of.
