GBP/JPY has managed to recover the 182.60 level, demonstrating a mild gain in recent trading sessions. This marks the highest point reached since late 2015, although the upward momentum has waned in recent times.
However, the rejection of a bullish channel that had formed over the past week, coupled with bearish signals from the MACD indicator, has attracted short-term sellers of GBP/JPY.
Nonetheless, the immediate downside of the pair around 182.00-182.10 is being supported by several resistance points, including multiple tops observed since June 18 and the 50-day simple moving average (SMA).
Should the quote break below the 182.00 support, the GBP/JPY bears will face further challenges in the form of a rising trend line established over the past three weeks, located near 180.60, and the 100-day SMA at 179.30. Additionally, the psychological level of 180.00 will act as a downside barrier.
Conversely, the recent recovery of the pair will be difficult to sustain unless it surpasses the 183.000 hurdle, which corresponds to the lower line of the aforementioned bullish channel.
Upon clearing this obstacle, the GBP/JPY buyers may target a surge towards the most recent multi-year high around 183.80 and the upper line of the mentioned channel, approximately at 184.50.
It is worth highlighting that a further rally beyond 184.50 would empower buyers to aim for the peak seen in November 2015, located near 188.80, followed by the significant round figure of 190.00.
Overall, while GBP/JPY may face some downward pressure, the bears are still some distance away from achieving their objectives.
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