GBP/JPY 1H Chart: Channel Down

After bouncing back from the upper edge of the bearish pattern, the Sterling was unable to extend losses significantly beyond the 183 level. As a result of that, GBP/JPY is still hovering in the upper part of the channel. The main scenario implies a consolidation below the 55-hour SMA in the nearest future. This event may trigger additional losses down to the 180.70 mark, where weekly S1 merges with daily S3 today. This level will try to withstand bearish pressure and push the cross back to the upside. While technical studies on all time frames are giving mixed aggregate signals, the vast majority of SWFX market participants, namely 60% of them, support the idea of the Pound's rebound.