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GBPJPY Bulls on Guard: Buy the Dip at 206 as Support Holds Firm – Target 208 in Sight 
The pair found renewed bearish momentum after breaking support at 1.0925 and is declining downwards to test next support level at 1.0875.
- The pair is trading around 1.0899 levels and it is expected decline further towards 1.0850 and 1.0800 levels in the short term.
- Short pullback around 1.0900 should be taken as selling opportunities, as Euro is weaker against the US dollar in intraday trading.
- To the upside, the strong resistance can be seen at 1.0981, a break above this level would take it to upside to next resistance level at 1.1000 handle.
- To the downside immediate support can be seen at 1.0875, a break below this level will take the pair to next level at 1.0840 levels.
Recommendation: Go short around 1.0900, targets 1.0850, 1. 0800, SL 1.1000
Resistance Levels
R1: 1.0925 (50% Retracement level)
R2: 1.0981 (23.6%Retracement level)
R3: 1.1016 (July 21st high)
Support Levels
S1: 1.0875(38.2% Retracement level)
S2: 1.0840 (Aug 5th lows)
S3: 1.0812(23.6% Retracement level)
