Technical outlook and chart setups:
1. The GBP/JPY pair is trading sideways for now around the 173.00 handle. A push below 172.45 could possibly see 172.00 and 172.70 levels on the lower side. The fibonacci 0.618 support is also seen at 171.70 levels.
2. Support is seen at 172.50, followed by 171.00, 169.50 and lower while resistance is seen at 174.50 and 175.40 respectively.
3. The structure indicates that GBP/JPY correction is still possible towards 172.00 and lower, before the rally resumes.
Trading recommendations:
Remain flat for now. Look to buy lower towards 171.80.
Good luck!
