GBPJPY London briefing — 2026-10-05

BIAS BEARISH. D1 structure, aligned H4/H1 EMAs, and bearish fair value gaps (H4 + H1) drive directional conviction despite neutral RSI. KEY LEVELS R: 208.5, 211.29 | S: 208.00, 206.89 NEWS 🟡 S&P Global Composite PMI (GBP) Mon 08:30 UTC 🟡 S&P Global Services PMI (GBP) Mon 08:30 UTC 🟡 10-y Bond Auction (JPY) Tue 03:35 UTC SESSION OUTLOOK London opens into soft UK PMI data. Watch for fresh weakness toward support; FVG fills on H1 may offer structure confluences.

Key Levels

R: 208.500 · 211.287

S: 208.000 · 206.889