The GBP/JPY pair is expected to trade in a higher range as the pair is expected to continue its rebound. The pair is trading above its rising 20-period and 50-period moving averages. The relative strength index is above its neutrality level of 50 lacking downward momentum. As long as 184.80 holds as the key support level, look for a further advance to the first upside target at 186 and then the second one at 186.30.
The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 186 and the second target at 186.30. In the alternative scenario, short positions are recommended with the first target at 184.25 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 183.85. The pivot point is at 184.80.
Resistance levels: 186 186.30 187
Support levels: 184.25 183.85 183