• GBP/JPY grinds higher around intraday top during five-day uptrend.
• Upper line of the bearish chart pattern, 100-SMA challenge further advances.
• Bears need validation from 154.30 to refresh monthly low.

GBP/JPY takes the bids to refresh intraday top around 155.00, up 0.42% on a day ahead of Monday’s London open.

In doing so, the cross-currency pair battles a short-term rising wedge bearish chart pattern after crossing a two-week-old descending trend line.

It should be noted, however, that the stated wedge’s resistance line limits the quote’s immediate upside around 155.00 even as the MACD signals lure buyers. Also favoring the GBP/JPY buyers past 155.00 is the 100-SMA level of 155.55.

In a case where the quote fails to stay beyond the aforementioned nearby hurdle, pullback moves may initially aim for the previous resistance line near 154.80 before direct GBP/JPY sellers towards the support line of the stated wedge, near 154.30.

If at all GBP/JPY bears conquer the 154.30 key support, the monthly low of 152.90 and early November’s bottom surrounding 152.35-40 will gain the market’s attention.

Overall, GBP/JPY witnesses corrective pullback inside a bearish chart formation and hence bulls have a long way before retaking the controls.

GBP/JPY: Four-hour chart

Trend: Pullback expected