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GBP Trading Outlook (05-08-2015)

Medium Term Strategy: Forex Pair of the day
GBP/JPY – the upside prevails
The pair has strongly rebounded above the support at 185 and remains on the upside. Further advance is likely as the moving averages and the daily RSI remain well directed. Next targets are set at 196.70 at first (horizontal resistance and Fibonacci projection of the previous up move) and at 201.60 in extension (same Fibonacci projection). A third target is set at 209 (horizontal resistance). Only a break below the horizontal support and overlap at 185 would turn the outlook to bearish with a first alternative target set at 179.40 (horizontal support) and a second one set at the horizontal support at 175.
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