Daily Pivots: (S1) 194.93; (P) 195.54; (R1) 196.71; More…
Intraday bias in GBP/JPY is turned neutral first as consolidation from 194.28 extends. But further decline is expected as long as 198.43 resistance holds. Corrective rise from 180.00 could have completed with three waves up to 199.79, after hitting channel resistance. Below 194.28 will target 193.45 resistance turned support. Decisive break there will target 183.70 next. Nevertheless, break of 198.43 will dampen this bearish view and bring retest of 199.79 high 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.
