GBPJPY Chart Technical Outlook

GBPJPY Chart Technical Outlook corrects lower within the BC leg
The intraday chart shows the pair moving lower within the BC leg of a Butterfly formation. A common retracement level is 88.6% of the last rally. This support is located at 197.49. The completion of the Butterfly formation is located at 201.61. The pattern is negated on a move through the previous swing low of 197.20

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