Daily Pivots: (S1) 194.28; (P) 196.82; (R1) 198.29; More…
Intraday bias in GBP/JPY stays mildly on the downside for the moment. Fall from 199.96 would extend towards 193.99 cluster support (38.2% retracement of 184.35 to 199.96 at 193.99). Strong support should be seen there to bring rebound, at least on first attempt. On the upside, above 196.95 support turned resistance will turn intraday bias neutral again first.
In the bigger picture, price actions from 208.09 (2024 high) are seen as a correction to rally from 123.94 (2020 low). The pattern might still extend with another falling leg. But in that case, strong support should be seen from 38.2% retracement of 123.94 to 208.09 at 175.94 to contain downside. Meanwhile, decisive break of 208.09 will confirm long term up trend resumption.
. Strong support should be seen there to bring rebound, at least on first attempt. On the upside, above 196.95 support turned resistance will turn intraday bias neutral again first.){kind=link}