The pair is likely to continue moving down.

On the 4-hour chart, the pair is trading in the area of 185.32 (23.6% correction). A descending 50.0% Fibonacci fan line is seen as an additional support for the price. In this situation, a decline is likely to continue towards 184.29 and 184.00 (23.6% correction for the medium-term trend). If the price turns up and overcomes 185.32, it might continue growing to the level of 185.95 (38.2% correction), towards the crossover with the 61.8% fan line or the 50.0% arc.

On the daily chart, the price is in the area of the 61.8% arc that suggests a decline along the arc towards 184.00 (23.6% correction). If the price breaks out the level of 186.20 (38.2% correction), it might grow to 187.90 (50.0% correction).

Trading tips

Sell the pair from the level of 185.00 with the target at 184.29 and stop-loss at 185.30.

Alternative scenario

Buy the pair if the price consolidates above the level of 185.32 with the target at 185.95 and stop-loss at 185.10.

GBP/JPY: Fibonacci analysis

GBP/JPY: Fibonacci analysis

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