GBP/JPY: Temporary Low Was Formed
Trading is neutral for consolidation, as a temporary low was formed at 142.76. Pivot points are at: (S1) 143.26; (P) 143.83; (R1) 144.33.
Overcoming of 142.76 will point out widening of the fall from 149.70 for retesting low 139.88. A near term forecast will stay cautiously bearish while minor resistance 146.50 keeps.
Uptrend from 122.36 would widen beyond 156.69 high, while 139.29 cluster support (50% retracement of 122.36 to 156.59 at 139.47) keeps. Overcoming of 139.29/47 will indicate completion of uptrend. In that case, the cross will aline 61.8% retracement at 135.43.