Daily Pivots: (S1) 189.77; (P) 190.89; (R1) 193.02; More…
Intraday bias in GBP/JPY remains on the upside at this point. Fall from 208.09 should have completed at 180.00 already. Rebound from there is seen as the second leg of the corrective pattern from 208.09. Further rally should be seen to 61.8% retracement of 208.09 to 180.00 at 197.35, and possibly above. On the downside, however, break of 187.84 minor support will turn bias back to the downside for retesting 180.00 instead.
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.
