The GBP/JPY currency pair has been trading with a rising wedge pattern for three weeks now, with the apex of the wedge looming closer. The given cross is expected to run the usual wedge's course, meaning that a break through the support line is more probable. The RSI indicator supports that, as it shows that the Sterling has been overbought for quite some time now. The bearish momentum to follow is likely to be so intense that the wedge's lower boundary is to fail to trigger another rebound and allow a slip under 147.00. The 200-hour SMA around 145.40 could attempt to provide more support afterwards, but at that point the pattern's lifespan would have been exhausted.
| Level | Rationale | Indicator | 30M | 1H | 4H | |||
| R4 | 149.93 | Weekly R3 | MACD (12; 26; 9) | Buy | Buy | Buy | ||
| R3 | 149.52 | Daily R3 | RSI (14) | Neutral | Sell | Sell | ||
| R2 | 148.70 | Weekly R2 | Stochastic (5; 3; 3) | Sell | Sell | Buy | ||
| R1 | 147.95/148.20 | Bollinger band; daily R1; trend-line; weekly R2 | ADX (14) | Neutral | Buy | Buy | ||
| S1 | 147.53/27 | 20-hour SMA; weekly R1; daily PP | CCI (14) | Neutral | Sell | Sell | ||
| S2 | 147.11/146.85 | Bollinger band; up-trend; 55-hour SMA | AROON (14) | Buy | Buy | Buy | ||
| S3 | 146.66 | Daily S1 | Alligator (13; 8; 5) | Buy | Buy | Buy | ||
| S4 | 146.27 | 100-hour SMA | SAR (0.02; 0.2) | Buy | Buy | Buy | ||
| Aggregate | ↗ | ↗ | ↗ |