Daily Pivots: (S1) 192.56; (P) 193.26; (R1) 194.56; More…
GBP/JPY’s strong break of 193.09 resistance confirms resumption of rise from 187.04. Intraday bias is back on the upside. Break of 194.73 will pave the way to 198.94/199.79 resistance zone. On the downside, below 193.09 will turn intraday bias neutral again first. Overall, corrective pattern from 208.09 is still in progress, with price actions from 180.00 as the second leg.
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 even still as a correction.
