Daily Pivots: (S1) 192.00; (P) 192.50; (R1) 193.51; More…
Intraday bias in GBP/JPY remains neutral for the moment and outlook is unchanged. Rebound from 188.07 could have completed at 198.94 already. Risk will stay on the downside as long as 194.18 support turned resistance holds. Below 190.06 will target 188.07 support. Firm break there will argue that corrective pattern from 180.00 has finished too, and larger decline from 208.09 might be ready to resume.
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.
