Daily Pivots: (S1) 190.00; (P) 191.11; (R1) 191.76; More…
Intraday bias in GBP/JPY is now mildly on the downside as fall from 193.04 accelerates lower. Break of 187.04 support will extend the fall from 19979 towards 180.00 support. On the upside, above 190.64 minor resistance will turn intraday bias neutral again first, and probably extend the corrective pattern from 180.00 further.
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 152.11 will bring deeper fall to 100% projection of 208.09 to 180.00 from 199.79 at 171.70, even still as a correction.
