Daily Pivots: (S1) 192.93; (P) 193.69; (R1) 194.53; More…
Intraday bias in GBP/JPY stays neutral as sideway trading continues. Corrective pattern from 180.00 could be extending with another rising level. Above 194.98 will extend the rise from 188.07 to 199.79 resistance. However, break of 192.35 will turn bias back to the downside for 188.07 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.
