Daily Pivots: (S1) 192.61; (P) 193.19; (R1) 193.89; More…
Intraday bias in GBP/JPY is back on the downside with breach of 192.05 minor support. Deeper fall would be seen to 189.31 support. Firm break there will suggest that corrective pattern from 180.00 has completed. But before that, the pattern could still extend. Break of 194.73 will bring stronger rebound 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.
