Daily Pivots: (S1) 188.30; (P) 189.64; (R1) 190.32; More…
Immediate focus is no won 188.23 support in GBP/JPY with current decline. Firm break there will indicate that rebound from 180.00 has completed at 193.45. Intraday bias will be turn back to the downside for retesting 180.00. Nevertheless, strong rebound from current level will keep the rise from 180.00 alive for rising through 193.45 later.
In the bigger picture, price actions from 208.09 are seen as a correction to whole rally from 123.94 (2020 low). Current development suggests that the first leg has completed and the range of medium term consolidation should be set between 38.2% retracement of 123.94 to 208.09 at 175.94 and 208.09.
