Daily Pivots: (S1) 193.17; (P) 194.08; (R1) 194.73; More…
Intraday bias in GBP/JPY remains neutral and more consolidations could be seen below 196.38. Another rally is in favor as long as 190.22 support holds. Firm break of 195.95 will suggest that whole choppy decline from 199.79 has completed, and target this resistance next. However, decisive break of 190.22 will indicate near term reversal and turn bias back to the downside.
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.
