GBP/JPY may fall 139 - 207 pips

185.70 is our pivot point.

Our preference

The downside prevails as long as 185.70 is resistance.

Alternative scenario

The upside breakout of 185.70, would call for 186.85 and 187.53.

Comment

The RSI is below 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 184.84 and 185.01).

Supports and resistances

187.53 **

186.85 *

185.70 **

185.25

184.57 last

183.18

182.50 **

181.82 *

181.14 **

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