Daily Pivots: (S1) 189.48; (P) 190.05; (R1) 190.75; More…
A temporary low is formed at 189.31 with current recovery. Intraday bias in GBP/JPY is turned neutral first. Some consolidations would be seen but risk will stay on the downside as long as 193.01 resistance holds. On the downside, below 189.31 will target 188.07 support. Firm break there will argue that corrective pattern from 180.00 has finished too, and larger decline from 208.09 might be ready to resume.
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.
