Daily Pivots: (S1) 148.93; (P) 149.78; (R1) 150.42; More…
With 150.62 minor resistance intact, intraday bias in GBP/JPY remains on the downside for 148.37 support. Current fall from 153.84 is seen as the third leg of the corrective pattern from 156.59. Break of 148.37 will pave the way to 144.97 and below. On the upside, above 150.62 minor support will turn intraday bias neutral first. But outlook will remain cautiously bearish as long as 152.71 resistance holds.
In the bigger picture, price actions from 156.59 are viewed as a corrective pattern. For now, we’d expect at least one more fall for 38.2% retracement of 122.36 to 156.59 at 143.51 before the consolidation completed. Though, firm break of 156.59 will resume whole up trend from 122.36 (2016 low) to 50% retracement of 195.86 (2015high) to 122.36 at 159.11 next.
