GBP/JPY may rise to 203.71 - 207.73

Our pivot point stands at 189.38.

Our preference

The upside prevails as long as 189.38 is support.

Alternative scenario

The downside breakout of 189.38 would call for 182.65 and 178.65.

Comment

The RSI is above its neutrality area at 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 191.56 and 191.33).

Supports and resistances

215.78 **

211.75 *

207.73 **

203.71

194.94 last

192.02

189.38 **

182.65 *

178.65 **

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