The GBPJPY currency pair has been in an upward trend since the second week of April. Technically speaking, the price managed to exceed the resistance zone at 195.60, but the breakout was not permanent, and a correction was generated after that. The current downward correction is approaching the key support level at 192.56, which is due to several factors. Firstly, the lower limit of the 1:1 system falls here, secondly, the EMA100 average, and measuring 38.2% of the last upward impulse, counting from the end of the largest correction. If the zone at 192.56 stops the declines, it is possible that another upward impulse will be generated. Otherwise, negating the support may lead to a change in the trend. Then, the level of 190.00 should be considered as the next support, where earlier price reactions and the 61.8% Fibonacci coefficient fall.
GBPJPY H4 interval. Source: xStation5
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