GBP/JPY Daily Outlook

Daily Pivots: (S1) 191.13; (P) 191.73; (R1) 192.57; and more.

The intraday outlook for GBP/JPY remains neutral with the currency pair continuing its range trading. A solid break above 193.04 could signal a reversal from the recent low of 187.04, pushing the price up towards the 194.73 resistance level, and potentially reaching up to 198.94. Conversely, if the price breaks below 187.04, it would extend the decline from the 199.79 high towards the 180.00 support level. Currently, it seems that the corrective pattern originating from 180.00 may still be ongoing.

In a broader context, the price action from 208.09 is viewed as a corrective move following a rally that started at 123.94 (the low in 2020). It is anticipated that strong support will manifest at the 38.2% retracement level of the move from 123.94 to 208.09, situated at 175.94, which is expected to limit further downside movement. However, a sustained break below 152.11 could lead to a deeper decline, intensifying the corrective pattern.

GBP, JPY, Trading