GBP/JPY: Bear Pressure Builds Up On 191.93 Level
FXTechstrategy Team | Aug 20, 2015 10:55PM ET
GBP/JPY: GBP/JPY may be consolidating within its broader range, but looks to weaken further towards the 191.93 zone. On the downside, support comes in at the 192.00 level, where a violation will aim at the 191.00 level. A break below here will target the 190.00 level, followed by the 189.00 level. Its daily RSI is bearish and pointing lower, supporting this view. On the upside, resistance lies at the 194.00 level, followed by the 195.00 level, where a break will aim at the 196.00 level. A cut through here will aim at the 197.00 level. Further out, the 198.50 level comes in as the next resistance. All in all, the cross remains biased to the downside nearer term.
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