Daily Pivots: (S1) 181.71; (P) 182.74; (R1) 184.47; More…
Intraday bias in GBP/JPY stays neutral at this point. On the upside, firm break of 184.15 resistance will argue that pull back from 188.63 has completed. Further rally would be seen to retest this high. On the downside, though, break of 178.71 will resume the decline from 188.63 and target 38.2% retracement of 148.93 to 188.63 at 173.46.
In the bigger picture, price actions from 188.63 medium term top are currently seen as a correction to the up trend from 148.93 (2022 low) only. As long as 172.11 resistance turned support holds, larger up trend from 123.94 (2020 low) is still in favor to resume through 188.63 at a later stage.
