Daily Pivots: (S1) 190.41; (P) 191.42; (R1) 192.71; More…
No change in GBP/JPY’s outlook and intraday bias stays on the upside. Rise from 183.70, as the third leg of the corrective pattern from 180.00, is in progress for 193.45 resistance. Firm break there will target 61.8% retracement of 208.09 to 180.00 at 197.35. On the downside, though, below 190.11 minor support will turn intraday bias neutral first.
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.
