The GBP/JPY pair has been in a short-term downtrend since peaking in early September. The pair is currently consolidating near the 186.51 level, with potential for further downside.
A break below 186.51 could signal a continuation of the downtrend, with potential targets at 184.51 and 182.82. However, the pair’s recent recovery suggests a potential for a short-term rebound.
GBP/JPY Technical Outlook
The GBP/JPY pair has shown a short-term downtrend, with the 186.51 level acting as a key support. A break below this level could signal a further decline, with potential targets at 184.51 and 182.82. The pair’s recent pullback and the downward-sloping EMAs suggest a bearish outlook.