Daily Outlook GBP/USD

GBP/JPY Daily Outlook

Daily Pivots: (S1) 143.16; (P) 144.27; (R1) 144.97; More....
The pull back from 147.97 is still in progress and intraday bias remains on the downside for 55 days EMA (now at 140.48) and below. Though, we'd expect strong support from 139.25 (38.2% retracement of 125.67 to 147.97 at 139.45 and bring rebound. Recent rally is still expected to continue after the corrective price actions complete. Break of 147.97 will target 150 psychological level next.
In the bigger picture, medium term fall from 163.05 has completed at 116.83 already. It's a bit early to conclude reversal of the long term down trend from 251.09 (2007 high). But rise from 116.83 should at least be a move at the same degree as fall from 163.05. Thus, medium term rise is now expected back to 163.05. We'll stay bullish as long as 133.48 resistance turned support holds.