GBPJPY: GBPJPY may have turned sharply lower on Monday but it now sees a reversal of that weakness with eyes on the 192.25 level. This present recovery is driven by its failure to follow through lower on the back of its Monday losses.
On the downside, support comes in at the 189.00 level where a violation will aim at the 188.00 level. A break below here will target the 187.00 level followed by the 186.00 level. On the upside, resistance lies at the 190.00 level followed by the 191.00 level where a break will aim at the 192.00 level. A cut through here will aim at the 193.00 level. Further out, the 194.00 level comes in as the next resistance All in all, the cross remains biased to the downside but faces a recovery higher.
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