Daily Pivots: (S1) 185.77; (P) 187.58; (R1) 188.65; More…
Intraday bias in GBP/JPY remains on the downside for the moment. Fall from 193.45 is in progress for retest 180.00 low first. Break there will resume whole fall from 208.09. On the upside, above 189.76 minor resistance will turn intraday bias neutral.
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.
