Daily Pivots: (S1) 194.07; (P) 195.03; (R1) 196.54; More…
GBP/JPY’s rebound from 187.04 resumed by breaking through 194.97 temporary top. Intraday bias is back on the upside for 198.94 resistance. For now, further rally is in favor as long as long as 193.44 support holds, in case of retreat. Overall, corrective pattern from 180.00 is still extending.
In the bigger picture, price actions from 208.09 are seen as a correction to rally from 123.94 (2020 low). Strong support should be seen from 38.2% retracement of 123.94 to 208.09 at 175.94 to contain downside. However, sustained break of 152.11 will bring deeper fall even still as a correction.
