GBP/JPY Daily Outlook

Daily Pivots: (S1) 203.60; (P) 205.26; (R1) 206.27; More

GBP/JPY dives to below 203.35 today as consolidation from 208.99 continues. At this point, intraday bias remains on the downside as long as 204.78 minor resistance holds and further decline could till be seen. But still, focus remains on 198.07 support and as long as this support holds, price actions from 208.99 is still treated as consolidation to rise from 192.60 only. On the upside, above 204.78 will indicate an intraday low is in place and turn outlook neutral first.

In the bigger picture, while, fall from 241.35 has completed at 192.60, there is no confirmation of the completion of whole down trend from 251.09 yet. Focus is now on the structure of the current rise from 192.60 as well as 219.32 medium term support turned resistance. Though, a break of 198.07 is now needed to shift short term bias back to the downside for retesting 192.60 low. Otherwise, further upside is still in favor, at least in short term.

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