Daily Pivots: (S1) 190.63; (P) 191.47; (R1) 191.92; More…
No change in GBP/JPY’s outlook and intraday bias remains neutral. Further rise is expected as long as 189.97 support holds. Above 193.72 will resume the rise from 184.35 and target 195.95 resistance next. However, firm break of 189.97 will turn bias back to the downside for deeper decline.
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.
