Recoil in GBP/JPY Has Extended

Recoil in the pair from 138.65 has widened higher. Pivot points are at: (S1) 139.92; (P) 140.75; (R1) 142.33.

Bottoming in the pair is possible. Decline from 148.09 can widen lower. Trading in the pair can back to the upside for retesting of 148.09.

Deeper fall in the pair is possible, but downside should be contained by support from 135.58 and 50% retracement of 122.36 to 148.42 at 135.39. Resumption of a growth from minimum 122.36 and retesting of that level are awaited. Trend reversal in the pair is possible.