Daily Pivots: (S1) 148.99; (P) 149.70; (R1) 150.79; More…
GBP/JPY’s strong break of 149.45 resistance now argues that consolidation pattern from 152.82 is completed at 146.96. Intraday bias is bacon the upside for 151.92 resistance first. Break there should confirm rise resumption and target 61.8% projection of 139.29 to 152.82 from 146.96 at 155.32 next. On the downside, below 149.33 minor support will dampen the delay the bullish view and extend the consolidation from 152.82 with another falling leg.
In the bigger picture, medium term rebound from 122.36 is still expected to resume after corrective pull back from 152.82 completes. Firm break of 38.2% retracement of 196.85 to 122.36 at 150.43 will carry long term bullish implications. In that case, GBP/JPY could target 61.8% retracement at 167.78. However, break of 139.29 will indicate rejection from 150.43 key fibonacci level. And the three wave corrective structure of rebound from 122.36 will argue that larger down trend is resuming for a new low below 122.26.
