Overview
The breach of 180.36 suggests that a decline from 195.86 is resuming. The intraday bias stays on the downside for the next support level of 174.86. A break will indicate a larger trend reversal. On the upside, above 182.12, the minor resistance will turn bias neutral and bring consolidations first. This is supported by the bearish divergence condition in weekly MACD. Besides, 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 the 200 psychological level. A break of 174.86 will confirm trend reversal and bring deeper fall to 38.2% retracement of 116.83 to 195.86 at 165.67. In case of another rise, we can expect strong resistance from 199.80/200.00 to bring reversal.
Daily Pivots: (S1) 179.83; (P) 180.52; (R1) 181.10;
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