Daily Pivots: (S1) 185.39; (P) 186.07; (R1) 186.84; More…
Intraday bias in GBP/JPY remains neutral for the moment. Further decline is expected as long as 189.77 resistance holds. Below 183.70 will bring retest of 180.00 low. Break there will resume whole fall from 208.09 to 175.94 fibonacci level.
In the bigger picture, price actions from 208.09 are seen as a correction to whole rally from 123.94 (2020 low). The range of consolidation should be set between 38.2% retracement of 123.94 to 208.09 at 175.94 and 208.09. However, decisive break of 175.94 will argue that deeper correction is underway.
