Daily Pivots: (S1) 202.23; (P) 203.96; (R1) 204.91; More…
Intraday bias in GBP/JPY is back on the downside as fall from 208.09 resumed. Deeper decline would be seen to 38.2% retracement of 191.34 to 208.09 at 201.69. Strong support is expected there to bring rebound. On the upside, above 205.77 minor resistance will turn intraday bias will turn bias back to the upside for retesting 208.09. However, sustained break of 201.69 will argue that larger correction is already underway.
In the bigger picture, long term up trend is still in progress. Next target is 100% projection of 155.33 to 188.63 from 178.32 at 211.62. Outlook will stay bullish as long as 200.72 resistance turned support holds, even in case of deep pullback.
