Daily Pivots: (S1) 190.32; (P) 192.20; (R1) 193.26; More…
Break of 192.00 support suggests that GBP/JPY rebound from 107.04 has completed at 195.95. Intraday bias is back on the downside for 188.77 support first. Break there target 187.04. Overall, corrective pattern from 180.00 is still extending. Another rise might still be seen as long as 187.04 support holds.
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.
