GBP/JPY 4H Chart: Channel Down

By trading along the upper boundary of the channel down pattern, the Sterling may receive a substantial bearish impetus soon. To support this scenario, daily technical indicators are giving signals to sell the Pound at the moment. GBP/JPY will therefore escape the vicinity of important technical levels at 184-185 (SMAs and weekly PP). However, the pair will immediately meet the next demand zone, which should be breached by bears, in case they want to see GBP/JPY reaching the pattern's lower boundary (176.76) in the long-term. These supports are represented by the weekly and monthly S1 at 181.92/16. Meanwhile, 58% of  SWFX traders assume the UK currency should trade upwards versus the Yen.