Daily Pivots: (S1) 192.60; (P) 193.80; (R1) 194.66; More…
Intraday bias in GBP/JPY is turned neutral again with current retreat. On the downside, break of 192.35 minor support will bring deeper fall to 188.07. Firm break there will revive the bearish case that whole corrective rise from 180.00 has completed with three waves up to 199.79. On the upside, above 194.98 will resume the rebound towards 199.79 resistance.
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.
