A fall continuation is possible.

On the 4-hour chart, the price is testing strong support level at 184.00 (50% correction for the short-term trend and 23.6% correction for the medium-term trend). Its breakdown would allow the pair to fall to 183.53 (61.8% correction) and 182.90. However, if the 50% arc supports the price it could attempt to correct towards 184.49 (38.2% correction) and 185.09 (23.6% correction). On the daily chart, the price is testing the support level at 184.00 (23.6% correction for the medium-term trend) near a crossover with the 38.2% arc. In case of the breakdown of 184.00 level, the price could fall along the arc towards 182.50 and 180.50. A price rebound from the level of 184.00 could lead to a growth towards 186.25 (38.2% correction).

Trading tips

Sell the pair below the level of 184.00 with targets at 183.50, 182.90, 182.50 and stop-loss at 184.30.

Alternative scenario

Buy the pair above the level of 184.50 with targets at 185.09, 186.05 and stop-loss at 184.30.

GBP/JPY: Fibonacci analysis

GBP/JPY: Fibonacci analysis

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