All our downside targets which we predicted in yesterday's analysis have been hit. GBP/JPY is expected to continue its downside movement and expected to remain below the key resistance at 145.35. the British pound is capped by a declining trend line in place since May 25 and by its declining 50-period moving average at JPY 145.60 on a 30-min chart. Moreover, the intraday RSI stands within its selling area between 50 and 30 and confirms the bearish bias. The break below horizontal support at JPY 144.00 opens the way towards targets given by a Fibonacci projection at JPY 143.50 and at JPY 143.00 in extension.
Chart Explanation: The black line shows the pivot point. Currently, the price is above the pivot point which is a signal for long positions. If it remains below the pivot point, it will indicate short positions. The red lines show the support levels, while the green line indicates the resistance levels. These levels can be used to enter and exit trades.
Resistance levels: 145.75, 146.55, and 147.10
Support levels: 144, 143.00, and 142.50