GBP/JPY Trading Sideways
Trading is neutral, as the cross is limited in consolidation from 149.70. Further growth is expected while resistance turned support 145.67 keeps. Pivot points are at: (S1) 147.66; (P) 148.49; (R1) 148.91.
Overcoming of 145.67 will indicate completion of the recoil from 139.88. Hitting of 149.70 will aline resistance zone 153.84/156.69. Deeper pull back is not excluded.
It is forecast, that a medium term growth from 122.36 would extend through high 156.96. The cross has successfully defended 139.29 cluster support (50% retracement of 122.36 to 156.59 at 139.47). This forecast will stay preferred while a near term support 145.67 keeps.