GBP/JPY intraday: the RSI is oversold

Our pivot point stands at 194.87.

Our preference: rebound towards 197.32.

Alternative scenario: below 194.87, expect 194.04 and 193.56.

Comment: the RSI is trading below 30. This could mean that either the pair is in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). The MACD is above its signal line and negative. The configuration is mixed. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 196.32 and 197.76).

Supports and resistances:

198.30 **

197.81 *

197.32 **

196.83

195.76 last

195.19

194.87 **