Pound’s recovery is expected to find resistance
- GBP/JPY Price Analysis: Technical Outlook
The pair has completed a bullish cycle at 193.55 and is going through a corrective reversal with scope for further decline. Bears have been contained so far at the 61.8% Fibonacci retracement of the March rally, but a failure to return above 190.75 would keep the negative structure intact.
An AB=CD correction would push the pair through the 190.11 support area toward the 189.60 level. On the contrary. a confirmation above 190.75 and 1.91.50 would negate this view.
- SIGNAL SELL GBPJPY zone 190.700 - 190.850
-Take profit: 190.200
-Take profit: 189.800
Stoploss: 191.200
