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GBPJPY Faces Downside Pressure On Continued Bearishness

GBPJPY: Having continued to maintain its broader weakness, GBPJPY faces downside pressure on continued bearishness. This view remains valid as long as the cross trades holds below its key resistance zone at 180.22/82. On the downside, support comes in at the 176.00 level where a violation will aim at the 175.00 level. A break below here will target the 174.00 level followed by the 173.00 level. Its daily RSI is bearish and pointing lower suggesting further weakness. On the upside, resistance is seen at the 178.00 level followed by the 179.00 level. A cut through that level will set the stage for a move further higher towards the 180.00 level. Further out, resistance resides at the 181.00 level. All in all, GBPJPY faces downside pressure on continued bearishness while holding the 180.22/82 resistance zone.GBPJPY Faces Downside Pressure On Continued Bearishness

 

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