FX.co ★ Technical Analysis of Daily Price Movement GBP/JPY Cross Currency Pairs, Thursday May 11, 2023.

If you pay attention to the daily chart, the GBP/JPY cross currency pair shows that after testing the break high from the weekly Old High at the 172.10 level, it is now being pressured to be corrected downwards where this is confirmed by the MACD Histogram which has broken below level 0 and the appearance of the Bearish 123 pattern where it seems the level 166.78-166.35 will be the main target to aim for and the 164.08 level will be the second target to be tested. But as long as the downward correction is not exceeded and closes below the 161.32 level, GBP/JPY still has the chance to rally upwards again.

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