Daily Pivots: (S1) 128.87; (P) 129.61; (R1) 130.01; More…
GBP’/JPY drops to as low as 123.94 so far and break of 126.54 low confirms down trend resumption. Intraday bias stays on the downside for 122.75 long term support next. On the upside, break of 130.54 resistance is needed to indicate short term bottoming. Otherwise, outlook remains bearish in case of recovery.
In the bigger picture, current development suggests that 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.
 
