Daily Pivots: (S1) 190.80; (P) 194.20; (R1) 196.23; More…
Intraday bias in GBP/JPY remains on the downside for the moment. Current fall from 208.09 is in progress for 185.49 fibonacci level. On the upside, above 193.96 minor resistance will turn intraday bias neutral and bring consolidations first, before staging another decline.
In the bigger picture, considering bearish divergence condition in W MACD, 208.09 might be a medium term top and fall from there could already be correcting whole up trend from 148.93 (2022 low). Risk will now stay on the downside as long as 55 D EMA (now at 199.51) holds. Deeper fall would be seen to 38.2% retracement of 148.93 to 208.09 at 185.49.
