Daily Pivots: (S1) 187.60; (P) 189.68; (R1) 191.82; More…
Intraday bias in GBP/JPY remains on the downside for the moment. Break of 187.04 support indicates decline from 199.79 is resuming. Next target is 100% projection of 198.94 to 187.04 from 195.95 at 184.05. On the upside, above 190.27 minor resistance will turn intraday bias neutral first.
In the bigger picture, price actions from 208.09 are seen as a correction to rally from 123.94 (2020 low). Strong support should be seen from 38.2% retracement of 123.94 to 208.09 at 175.94 to contain downside. However, sustained break of 152.11 will bring deeper fall even still as a correction.
