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GBPJPY: Vulnerable, Risk Points Lower

GBPJPY: Having GBPJPY turned lower after losing its intra day strength, a move further lower is now envisaged in the days ahead. 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 173.00 level. Its daily RSI is bearish and pointing lower suggesting further weakness. On the upside, resistance lies at the 178.50 level followed by the 179.50 level where a break will aim at the 180.50 level. A cut through here will aim at the 181.50 level All in all, the cross remains biased to the downside in price weakness in the short term.

GBPJPYDaily

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