GBP/JPY Daily Outlook

Daily Pivots: (S1) 181.10; (P) 181.39; (R1) 181.89; More…

GBP/JPY is staying in consolidation above 180.78 and intraday bias stays neutral. With 183.34 resistance intact, further decline is expected. On the downside, break of 180.78 will resume the fall from 186.75 to 176.29 support next.

In the bigger picture, fall from 186.75 is currently seen as a corrective move only. As long as 176.29 support holds, larger up trend from 123.94 (202 low) should still be in progress. Break of 186.75 will target 195.86 (2015 high). Nevertheless, firm break of 176.29 will confirm medium term topping, and bring lengthier and deeper consolidations.

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