GBPJPY Chart Technical Outlook develops an extended corrective structure, another dip is expected
GBP/JPY develops an extended WXY zigzag corrective formation. Wave c of Y is in play, printing a regular flat sub-wave. Prices stalled at a confluence of Fibo levels, retracement, and extensions. There is no sign of a bottom yet. A higher high and higher low is needed to resume the broadly bullish bias. Another dip is possible to test the recent swing low. Supports are located at 202.10 and 201.60. Resistances are seen at 203.80 and 204.35.
