Daily Pivots: (S1) 189.57; (P) 189.98; (R1) 190.65; More…
GBP/JPY’s rebound from 184.35 extended higher today and break of 190.06 resistance suggests that fall from 195.95 has completed already. Intraday bias is back on the upside for 195.95 resistance next. Firm break there will argue that whole choppy decline from 199.79 has finished too. On the downside, below 187.45 will bring retest of 184.35 support instead.
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 175.94 will bring deeper fall even still as a correction.
