Daily Pivots: (S1) 191.60; (P) 193.39; (R1) 194.65; More…
Intraday bias in GBP/JPY stays neutral at this point. 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. On the downside, below 189.54 will bring deeper fall to 183.70 support.
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.
