FX.co ★ GBP/JPY Bullish Outlook May 11, 2011 (Daily Strategy)

GBP/JPY

The figure technique British Pound Sterling - Japanese Yen has formed a figure continuation trend, called pennant, so it carries great potential for upward movement. A clean break of la linea de tendencia will signify the continuation of the positive momentum.

From here, things should be much easier for the pair to start its upward movement that, potentially, could end around the high resistance levels of 145.50. However, to begin with, we should concentrate on the important and closer resistance level at 140.00.