GBPJPY: We continue to hold on to our downside pressure bias on GBPJPY as more weakness is envisaged. Despite its present price hesitation, this view remains valid while the pair holds below the 178.73 level. On the downside, support comes in at the 177.00 level where a violation will aim at the 176.00 level. A break below here will target the 175.00 level followed by the 174.00 level. Further down, support lies at the 173.50 level. On the upside, resistance lies at the 178.50 level followed by the 179.50 level where a break will aim at the 180.00 level. A cut through here will aim at the 181.00 level. All in all, the cross remains broadly biased to the downside in the medium term.
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