GBPJPY currency pair continues to rise strongly after the pair recently reversed up from the key support level of 159.000, standing close to the upper trendline of the wide daily up channel from December and the 38.2% Fibonacci correction of the upward impulse 3 from the start of March. The upward reversal from the support level of 159.000 started the active short-term impulse wave 5.
Given the strength of the active uptrend, strongly bullish sterling sentiment – GBPJPY currency pair can be expected to rise further toward the next resistance level 163.000.
