GBP/JPY Daily Outlook

Daily Pivots: (S1) 131.56; (P) 132.13; (R1) 132.93; More…

Outlook in GBP/JPY is unchanged and intraday bias remains neutral. Another fall is in favor as long as 133.17 minor resistance holds. Below 130.64 will target a test on 123.94 low. Nevertheless, break of 130.64 will turn bias to the upside for 61.8% retracement of 144.95 to 123.94 at 136.92.

In the bigger picture, price actions from 122.75 (2016 low) are merely a sideway consolidation pattern, which has completed at 147.96. Larger down trend from 195.86 (2015 high) as well as that from 251.09 (2007 high) are possibly resuming. Break of 122.75 should target 61.8% projection of 195.86 to 122.75 from 147.95 at 102.76 next. In any case, outlook will remain bearish as long as 147.95 resistance holds.

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