GBPJPY managed to breach and close above a trendline that has held since 2015. It is now fast approaching post-Brexit highs at the 143.10 area. A hint of this breach came through a swing failure from the US elections where it has since failed to take out the low at 124.60 area. It will be interesting to see whether it manages to sustain this rally as it is very overbought and some sort of pullback is due. If it manages to pullback without re-entering the downward trend and breaches the post-Brexit highs a move towards the 38.2% and longer term resistance (Red rectangle) is on the cards
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GBPUSD trying to get through previous highs
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I meant GBPJPY. Sorry
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GBPJPY on previous swing highs
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PA slows down around the previous swing lows.
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GBPJPY managed to break through but didn't close above resistance. It needs a close above resistance to see a sustained move towards the 151.70 area where major resistance is (red box)
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Another try breaking resistance. A bullish close should see us targeting the 151 area