Daily Pivots: (S1) 192.19; (P) 192.88; (R1) 193.68; More…
Intraday bias in GBP/JPY remains neutral at this point. While pullback from 196.38 might extend lower, further rally will remain in favor as long as 190.22 support holds. On the upside, above 194.18 resistance will suggest that the pull back has completed and bring stronger rise back to 196.38. However, sustained break of 190.22 will indicate near term reversal.
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 175.94 will bring deeper fall even still as a correction.
