Daily Pivots: (S1) 190.80; (P) 194.20; (R1) 196.23; More…
GBP/JPY’s fall from 208.09 continues today and intraday bias stays on the downside. Current decline is a larger scale correction and should target 185.49 fibonacci level. For now, outlook will continue to stay bearish as long as 199.45 resistance holds, in case of recovery.
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 199.93) holds. Deeper fall would be seen to 38.2% retracement of 148.93 to 208.09 at 185.49.
