GBP/JPY 1H Chart: Symmetrical Triangle

[ANNOUNCE] The British Pound is concentrating against the Japanese Yen in a one week long symmetrical triangle. In many cases, formation of such figures represents anticipation of certain fundamental events. [/ANNOUNCE] In this particular situation, such event might represent either the British PM May's or Governor Carney's speeches at the Bank of England's conference. From technical point of view, a breakout to the south seems a more realistic scenario, as the pair faces continuous pressure from the overhanging 55-, 100- and 200-hour SMAs. In addition to that, the pair has recently made a rebound from the upper edge of a larger ascending channel, which also supports a medium-term downfall. However, there is a need to take into account that the monthly R2 together with the weekly S1 near 150.00 might constrain the fall.