GBPJPY Chart Technical Outlook

GBPJPY Chart Technical Outlook extends losses, likely to test 183.35 support area
The Pound is trading lower for the second day in a row, still weighed by the dovish comments of BoE Governor Bailey, who suggested that the bank would be approaching the end of the tightening cycle, which weigher the Cable across the board.

Looking at the 4-hour charts we see the pair forming a triangle pattern, with the lower highs printed in the last two weeks and the bearish engulfing candle on the daily chart favoring the bearish scenario.

Bears are likely to meet strong support at 183.50. Below here, 181.45 will come into focus. Resistances are 184.75 and the falling trendline, at 185.50, is ahead of 186.00.

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