Currently, GBP/JPY is displaying a bearish trend, with predictions pointing towards a further drop towards the 1st support at 179.95, a swing low support that aligns with a 23.60% Fibonacci retracement. The 2nd support at 178.85 provides a robust safety net with its overlap support and 127.20% Fibonacci extension. Resistance levels are found at 182.10 (an overlap resistance) and 183.89 (a multi-swing high resistance correlated with a 78.60% Fibonacci retracement), posing significant barriers to any price ascent.
The material has been provided by InstaForex Company – www.instaforex.com
Currently, GBP/JPY is displaying a bearish trend, with predictions pointing towards a further drop towards the 1st support at 179.95, a swing low support that aligns with a 23.60% Fibonacci retracement. The 2nd support at 178.85 provides a robust safety net with its overlap support and 127.20% Fibonacci extension. Resistance levels are found at 182.10 (an overlap resistance) and 183.89 (a multi-swing high resistance correlated with a 78.60% Fibonacci retracement), posing significant barriers to any price ascent.
The material has been provided by InstaForex Company – www.instaforex.com
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