Daily Pivots: (S1) 183.47; (P) 185.78; (R1) 188.55; More…
Intraday bias in GBP/JPY remains neutral for the moment. Outlook stays bearish as long as 190.48 resistance holds. On the downside, below 183.10 minor support will bring retest of 180.00 first. Break there will resume the fall from 208.09 to 178.32 support next. Nevertheless, firm break of 190.48 will confirm short term bottoming and bring stronger rebound.
In the bigger picture, fall from 208.09 medium term top is seen as correcting the up trend from 123.94 (2020 low). Deeper decline is in favor as long as 55 W EMA (now at 189.31) holds. But strong support could emerge between 178.32 and 38.2% retracement of 123.94 to 208.09 at 175.94 to bring rebound. Meanwhile, sustained trading above 55 W EMA will suggest that the range for the medium term corrective pattern is already set.
