Daily Pivots: (S1) 184.53; (P) 185.66; (R1) 186.68; More…
Intraday bias in GBP/JPY is now mildly on the downside as fall from 188.26 is extending. But strong support could be seen from 183.79 to bring rebound. Above 186.77 will bring retest of 188.26 resistance. However, decisive break of 183.79 will bring deeper fall back towards 178.02 key support level.
In the bigger picture, as long as 180.74 support holds, larger up trend from 123.94 (202 low) should still be in progress, next target is 195.86 (2015 high). However, firm break of 180.74 will now argue that a medium term top is formed, possibly in bearish divergence condition in D MACD, and bring deeper fall back to 178.02 support.
