GBP/JPY 1H Chart: Channel Up

At the very start of the pattern GBP/JPY was somewhat hesitant to advance, but nonetheless divorced from the 200-hour SMA, thereby allowing formation of the 133-bar long channel up. Right now the pair is at the lower boundary of the pattern, implying that the probability of a surge in the nearest future is higher than the likelihood of any other scenario. Some of the resistances GBP/JPY will then have to overcome are at 153.66 (daily R1) and 154.33 (daily R2), while a test of the up-trend resistance line that is currently located at 154.99 should initiate a bearish correction before the new cycle begins.