gbp-usdTrend looks bullish in four hours time frame of GBP/JPY currency pair. In last few trading days, price has dropped towards 0.618 Fibonacci retracement level. Important support is present at 180.40 price level. Based on Elliott wave analysis, I expect price to rise back up this week. If price just keep dropping lower and lower then up trend is going to fail. In such case I will stay out of the market and reanalyze the price action of GBP/JPY currency pair.

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