Price Weakness Seen On Loss Upside Momentum

GBP/JPY: With price weakness seen on loss upside momentum, further bear pressure is envisaged in the days ahead. This view remains valid as long as GBP/JPY trades and holds below the 185.38/186.34 resistance zone. On the downside, support comes in at the 184.00 level where a violation will aim at the 183.00 level. A break below here will target the 182.00 level followed by the 181.00 level.

Its daily RSI is bearish and pointing lower supporting this view. Resistance is seen at the 185.00 level followed by the 186.00 level. A cut through that level will set the stage for a move further higher towards the 187.00 level. Further out, resistance resides at the 188.00 level. All in all, with price weakness seen on loss upside momentum, GBP/JPY faces further downside pressure.