The Geppy (GBPJPY) looks to be forming a symmetrical triangle in the 3-hour chart (indicated by the red lines) as it comes from the downtrend. Currently, the price looks to be consolidating near the resistance line and a break above the resistance could validate the formation. Once it does, we could see the price reaching for the 131.36 price mark (yellow line). However, if the currency pair breaks down from the mentioned formation, the price could stop at the next support at 127.65 (green line). Upon passing 127.65, the next support would be the 1-year low at 126.72.
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