Daily Pivots: (S1) 188.59; (P) 189.64; (R1) 190.59; More…
Intraday bias in GBP/JPY is turned neutral again with current recovery. Overall outlook is unchanged that corrective pattern from 180.00 could extend further. On the upside, above 193.04 will target 194.73 resistance, and possibly further to 198.94. On the downside, though, break of 187.04 support will extend the fall from 199.79 towards 180.00 support.
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.
