Daily Pivots: (S1) 186.00; (P) 186.73; (R1) 188.17; More…
Intraday bias in GBP/JPY remains neutral at this point. Further decline is in favor with 188.08 minor resistance intact. Below 183.70 will resume the fall from 193.45 to retest 180.00 low. Firm break there will extend whole decline from 208.09 to 175.94 fibonacci level. However, break of 188.08 will argue that fall from 193.45 has completed already, and turn bias back to the upside for this resistance.
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.
