Daily Pivots: (S1) 195.58; (P) 196.13; (R1) 197.14; More…
GBP/JPY retreated mildly after edging higher to 196.83. Yet, the breach of 196.42 resistance argues that rise recent rally is resuming. Intraday bias is mildly on the upside for 199.79 resistance first. Firm break there will target 100% projection of 180.00 to 199.79 from 184.35 at 204.14. For now, outlook will stay cautiously bullish as long as 193.75 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.
