Overview
The breach of 180.36 suggests the whole decline from 195.86 is resuming. An intraday bias is staying on the downside for the next 174.86 key support level. A break there will indicate a larger trend reversal. On the upside, above 182.12 minor resistance will turn into neutral bias and bring consolidations first. Besides, GBP/JPY was close to the key cluster resistance of 61.8% retracement of 251.09 to 116.83 at 199.80, which is close to the 200 psychological level. 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. In case of another rise, we'll be cautious about strong resistance from 199.80/200.00 to bring reversal finally.
Daily Pivots: (S1) 179.83; (P) 180.52; (R1) 181.10;
