Daily Pivots: (S1) 191.68; (P) 193.05; (R1) 195.69; More…
Intraday bias in GBP/JPY remains neutral for the moment. On the downside, below 189.54 will bring deeper fall to 183.70 support. On the upside, above 195.95 will resume the rise from 180.00 to 61.8% retracement of 208.09 to 180.00 at 197.35.
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.
