The provided image of the weekly interval represents our bigger picture for the GBP/JPY pair and was published several times before hand; thus, we believe that this proposed Elliott count could bring more descending movements. When observing the weekly report, you will find a suggested correctional harmonic structure over smaller time frame and areas of between 130.50 and 130.25 are very sensitive as it could represent extended potential reversal zones for this pattern-secondary image-. We need a clear breakout below these levels to be able to say the bearishness will continue,thereby our outlook will be neutral today until we see what will be the price behaviors around the aforesaid levels.
The trading range for today is among key support at 127.30 and key resistance at 134.25.
The general trend over short term basis is to the downside, targeting 118.80 as far as areas of 150.75 areas remain intact.
Support130.50130.25129.80128.75127.80Resistance131.65132.00132.50133.15133.60RecommendationBased on the charts and explanations above our opinion is, waiting until a clear sign to appear in order to pinpoint the coming big move.