The GBP/JPY chart is currently facing significant resistance levels, suggesting the potential for a bearish reversal.
Resistance Levels:
The 1st resistance level at 184.2200 is identified as "An Overlap resistance" and is reinforced by the presence of the 161.80% Fibonacci Extension. This level signifies a strong barrier to further upward price movement. Additionally, the 2nd resistance level at 186.4200 is also characterized as "An Overlap resistance," underlining its role as a key resistance zone.
Support Levels:
On the support side, the 1st support level at 181.8200 is described as "An Overlap support." This level represents a potential area where buying interest may emerge and serve as a crucial support zone. Further down, the 2nd support at 180.4000 is identified as "Pullback support," suggesting its role in stabilizing price movements.
