• GBPJPY under the bearish pressure
• Likely to fall to support level 149.30
GBPJPY currency pair under the bearish pressure today after the price formed the daily Japanese candlesticks reversal pattern Bearish Engulfing near the resistance zone located between the key resistance level 152.00 (which has been reversing the pair from the start of September), upper daily Bollinger Band and the 50% Fibonacci correction of the previous downward impulse from the middle of June.. The downward reversal from this resistance zone started the active impulse wave 3.
Given the strengthening bearish sterling sentiment, GBPJPY currency pair can be expected to fall further toward the next support level 149.30 (which has been reversing the price from the middle of April).