GBP/JPY Daily Outlook: Continued Decline and Key Support Levels
Tuesday, 6 August 2024, 06:14
Overview of GBP/JPY's Performance
The GBP/JPY currency pair has seen a substantial drop, accelerating lower and surpassing the important 185.49 fibonacci level.
Current Market Bias
With the intraday bias firmly on the downside, the next target to watch is the 178.32 support. A breakout above the minor resistance level of 186.19 could shift the bias to neutral, signaling possible consolidation before another decline.
Conclusion
Market participants should remain vigilant regarding these critical levels as they navigate the ongoing volatility in the GBP/JPY pair.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.