By examining the daily chart of the GBPJPY pair, we will notice that, prices have been dominated by a fine Fibonacci rhythmic that was affirmed by a sustained breakout below 185.00 regions.
This breakout has actuated bears to send the GBPJPY lower, as the Fibonacci symmetry suggests resuming the reversal towards the PRZ-potential reversal zones- of the harmonic bat pattern.
The PRZ of the harmonic structure reside in the 177.30 boundaries, where the GBPJPY pair may correct bullishly.
Of note, the medium-term has turned into bearish, reinforced by the weekly candlesticks formations.
Assessing indicator, trend and momentum indicators attached to our daily studies prove the strength of the current bearish trend.