GBP/JPY Price Analysis: Consolidates at four-month highs near 155.30

• GBP/JPY continues its weekly gains on Thursday in the early European session.
• A daily break above 155.30 exposes June’s high at 155.96.
• Momentum oscillator support bullish momentum.

The GBP/JPY cross pushes higher on Thursday morning. The pair books the gains for the sixth straight session. At the time of writing, the GBP/JPY cross-currency pair is trading at 155.17, up 0.31% on the day.

GBP/JPY daily chart

On the daily chart, the GBP/JPY cross currency pair has risen sharply after breaking the strong long-time resistance barrier near the 152.90-153.00 zone. Now, the descending trendline from May’s high at 156.07 exerts some downward pressure on the pair. If the price sustains the intraday high, it could easily move toward 156.07.

Furthermore, the Moving Average Convergence Divergence (MACD) indicator holds the overbought zone. Any uptick in the MACD would bring  2018 highs near 156.61 on the bull’s radar.

Alternatively, on the reverse side, the spot would meet the 154.40 horizontal support level and then Tuesday’s low at 153.68. The GBP/JPY bears would then approach toward the 153.00 psychological mark.

GBP/JPY daily chart