GBP/JPY Daily Outlook

In the current market analysis of the GBP/JPY currency pair, daily pivot points have been established for traders to consider. The key levels are set as follows: (S1) 191.89, (P) 192.53, and (R1) 193.28. This information helps traders make informed decisions.

Current Market Bias

The intraday bias for GBP/JPY remains neutral for the time being. A significant break below the support level of 189.31 would indicate that the corrective pattern from the low of 180.00 has come to an end; however, until that level is breached, the pattern may still continue to develop. On the other hand, if the price manages to break through the resistance at 194.73, a stronger rebound can be expected.

Bigger Picture Analysis

Looking at the larger timeframe, the price movements from the peak of 208.09 are perceived as a correction following the substantial rally from the low of 123.94, which occurred in 2020. The consolidation range is anticipated to lie between the 38.2% retracement level of 123.94 to 208.09, positioning at 175.94 and the high of 208.09. Nonetheless, a decisive breach down to 175.94 would suggest the possibility of a deeper correction taking place.

As traders continue to monitor the GBP/JPY, understanding these levels and potential patterns will be crucial for making well-informed trading decisions moving forward.

GBP, JPY, Forecast