Daily Pivots: (S1) 194.99; (P) 195.44; (R1) 196.32; More…
GBP/JPY’s rebound from 180.00 resumed by breaking 195.95 resistance. Intraday bias is back on the upside for 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 194.55 minor support will turn intraday bias neutral again 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.
