FX.co ★ GBPJPY, H4 | Falling to 1st support level?

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.