Daily Pivots: (S1) 196.72; (P) 197.93; (R1) 198.96; More…
Intraday bias in GBP/JPY remains neutral for consolidations above 195.84 temporary low. Further decline is expected as long as 202.08 support turned resistance holds. On the downside, sustained trading below 38.2% retracement of 178.32 to 208.09 at 196.71 will argue that larger scale correction is under way to 185.49 fibonacci level.
In the bigger picture, considering bearish divergence condition in W MACD, 208.09 might be a medium term top and fall from there could already be correcting whole up trend from 148.93 (2022 low). Risk will now stay on the downside as long as 55 D EMA (now at 200.78) holds. Sustained break of 196.71 will pave the way to 38.2% retracement of 148.93 to 208.09 at 185.49.
