Daily Pivots: (S1) 189.27; (P) 191.31; (R1) 192.78; More…
Intraday bias in GBP/JPY remains neutral and outlook is unchanged. Corrective rebound from 180.00 might have completed with three waves up to 195.95. Risk will stay on the downside as long as 195.95 resistance holds. Below 189.54 will target 183.70 support. However, break of 195.95 will resume the rebound form 180.00 instead.
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.
