Daily Pivots: (S1) 196.42; (P) 197.03; (R1) 197.63; More…
Intraday bias in GBP/JPY is turned neutral first with a temporary top formed at 198.41. Some consolidations would be seen first, but further rally is expected as long as 193.69 support holds. Break of 198.41 will resume the rally from 180.00 towards 208.09 high.
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.
