Daily Pivots: (S1) 130.27; (P) 131.47; (R1) 132.11; More…
GBP/JPY recovers today but with 133.17 minor resistance intact, further decline is expected. Corrective rebound from 123.94 should have completed. Deeper fall is in favor to retest 123.94 low. On the upside, above 133.17 minor resistance will turn intraday bias neutral first. But after all, upside should be limited by 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.
