Daily Pivots: (S1) 189.81; (P) 191.31; (R1) 192.31; More…
GBP/JPY’s fall from 198.94 resumed by breaking through 189.31 support and intraday bias is back on the downside. Current development argues that corrective pattern from 180.00 might have completed. Break of 188.07 support will solidify this case and target a retest on 180.00. On the upside, though, above 190.01 support turned resistance will turn intraday bias neutral again first.
In the bigger picture, price actions from 208.09 are seen as a correction to whole rally from 123.94 (2020 low). The range of consolidation should be set between 38.2% retracement of 123.94 to 208.09 at 175.94 and 208.09. However, decisive break of 175.94 will argue that deeper correction is underway.
