Daily Pivots: (S1) 194.34; (P) 194.97; (R1) 196.11; More…
Intraday bias in GBP/JPY stays neutral for the moment. On the upside, break of 195.95 will resume whole rise from 180.00 to 61.8% retracement of 208.09 to 180.00 at 197.35 next. Sustained break there will target 208.09 high. On the downside, below 192.87 minor support will turn bias back to the downside for 189.54 support. Further break there will target 183.70 support.
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.
