FX.co ★ GBP/JPY Price Analysis for 6 July

The British pound currency is looking more bullish against the Japanese yen after the British Prime Minister confirmed that the UK lockdown will be ending. The GBPJPY pair is trading inside a descending broadening wedge pattern, and looks to be heading to the top of the pattern, around 154.70. The bigger picture shows that a major breakout is likely once the GBPJPY breaks from the wedge.

The GBPJPY pair is only bullish while trading above the 154.00 level, key resistance is found at the 154.70 and the 155.00 levels.If the GBPJPY pair trades below the 154.00 level, sellers may test the 153.30 and 152.70 support levels.