GBPJPY Chart Technical Outlook found resistance at a confluence barrier, bears target 185.30*
GBP/JPY’s broad bias is bearish. Prices have corrected higher and found resistance at the 127.2% Fibo extension level of 187.50, which overlapped with the 38.2% Fibo retracement level. Today’s data from the UK showed that the core inflation accelerated in August. Limited gains are expected toward 187.25. I expect sellers to push prices lower then. A break above 187.50 opens the door for further gains toward the confluence resistance at 188.55 (50% Fibo retracement and 161.8% Fibo extension levels). Supports are located at 185.30 and 184.00. The focus is on the Fed meeting today, eyeing the cut decision and the new projections for clues on the risk sentiment. A cautious approach going into the event could cap the gains as well.
