Daily Pivots: (S1) 193.90; (P) 194.84; (R1) 195.60; More…
GBP/JPY’s rally accelerates higher today and intraday bias stays on the upside for 199.79 resistance. Corrective pattern from 180.00 is extending, and break of 199.79 will target channel resistance (now at 202.84. For now, risk will stay on the upside as long as 193.88 support holds, in case of retreat.
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.
