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GBP Trading Outlook (26-11-2015)

Medium Term Strategy: Forex Pair of the day

GBP/JPY – further weakness
The pair is posting a pull back but stands below the resistance at 191. Moreover, the daily RSI is reversing down and stands below its neutrality area. Then, as long as 191 holds as a resistance, targets on the downside are set at 179.40 at first (horizontal support) and at 175 in extension. A third target is set at 169.50 (strong horizontal support). Only a rebound above the resistance at 191 would turn the outlook to bullish with a first alternative target set at 196 (June top) and a second one set at 201.60 (Fibonacci projection).
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