GBP/JPY may fall 148 - 220 pips

Our pivot point is at 191.86.

Our preference

The downside prevails as long as 191.86 is resistance.

Alternative scenario

The upside breakout of 191.86, would call for 193.07 and 193.79.

Comment

The RSI is below its neutrality area at 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 191.20 and 190.92).

Supports and resistances

193.79 **

193.07 *

191.86 **

191.38

190.75 last

189.27

188.55 **

187.83 *

187.11 **

Number of asterisks represents the strength of support and resistance levels.