FX.co ★ ckerluke | GBP/JPY

As of today, the GBP/JPY currency pair continues to move within a descending channel, which indicates that sellers still maintain control. After an attempt to hold above the 217.70 level, the decline continued. I expect that in the near future the price of the pair will move roughly within the range from 271.45 to 217. At the current moment, the 271.45 level is the nearest support; if the price manages to break below this level, it may become one of the first signals that a move toward 217 is likely to begin, although a pullback may also occur. However, it is important to note that the price is now above this point, so the priority direction remains bearish.