Overview
Intraday bias in GBP/JPY is turned neutral for the moment. But the outlook is unchanged and stays cautiously bearish. Consolidation pattern from 180.36 has completed at 188.79. A deeper fall is expected for the test of the 180.36/64 support zone. In case of recovery, the outlook will stay cautiously bearish as long as 188.79 resistance holds. GBP/JPY was close to the key cluster resistance of 61.8% retracement of 251.09 to 116.83 at 199.80, which is close to 200 psychological level. A break of 174.86 will confirm a trend reversal and bring a deeper fall to 38.2% retracement of 116.83 to 195.86 at 165.67. In case of another rise, we will be cautious about the strong resistance from 199.80/200.00 to bring the reversal finally.
Daily Pivots: (S1) 184.14; (P) 184.72; (R1) 185.20
The material has been provided by InstaForex Company - www.instaforex.com