GBP/JPY Price Forecast – British Pound Approaching Major Level

The British pound has rallied a bit against the Japanese yen and other currencies during the trading session on Tuesday as we continue to see sterling strengthen in general. With this in mind, I do believe that it is only a matter of time before we continue to go higher, perhaps breaking towards the ¥155 level and above. Once we clear that level, then it is likely that we see this market go looking towards the ¥160 level, which of course is the next large, round, psychologically significant figure. With that in mind, I think that the market is likely to continue to see upward pressure, but we may get the occasional short-term pullback.

GBP/JPY Video 19.05.21

Judging by the way the British pound is acting overall, I fully anticipate that we will eventually see a move higher, so I look it dips as value. The ¥153.50 level should be support, as it has recently been supportive and should continue to see plenty of interest. At this point, it is obvious that the Japanese yen is on its back foot, as we are seeing in multiple currencies beat it up. The market is likely to see the occasional dip, but quite frankly this looks like a market that is trying to build up the necessary momentum to shoot higher, perhaps causing a major breakout in the British pound against all currencies. After all, the United Kingdom is coming out of the pandemic and is starting to show signs of strength overall. As it reopens, it is very likely that we would see all things British continue to strengthen.

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