Daily Pivots: (S1) 194.55; (P) 194.97; (R1) 195.56; More…
Intraday bias in GBP/JPY stays on the upside for the moment. Firm break of 196.38 resistance will resume whole rally from 184.35 and target 61.8% projection of 184.35 to 196.38 from 191.86 at 199.29 next. On the downside, below 194.35 minor support will turn intraday bias neutral first. But near term outlook will stay bullish as long as 191.86 support holds, in case of retreat.
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.
