Overview

According to the attached H4 chart, a temporary low is at 180.36 and intraday bias turned neutral first. Some consolidations would be seen, but a further decline is expected as long as the 187.36 resistance holds. A movement below 180.36 will target the 174.86 key support level. However, a decisive break of 187.36 will turn focus back to the 195.26 resistance instead. GBP/JPY was close to key cluster resistance of 61.8% retracement of 251.09 to 116.83 at 199.80, which is close to 200 psychological level. A break of 174.86 will confirm a trend reversal and bring a deeper fall to 38.2% retracement of 116.83 to 195.86 at 165.67.

Daily Pivots: (S1) 186.09; (P) 186.48; (R1) 187.11