Daily Forex Update: GBP/JPY

Shorter time frames are the building blocks that create, of course, longer time frames. This means that if a longer-term trend is to continue, it will be built on the momentum of the short-term charts. The trend on the intraday GBP/JPY was up for most of Thursday's session, but prices may be forming an intraday double top that could hinder further bullish price action. With a previous high at 133.30, the pair now shows that selling pressure could push prices lower.