Daily Pivots: (S1) 192.96; (P) 193.50; (R1) 194.29; More…
Break of 194.18 minor resistance suggests that GBP/JPY’s pullback from 196.38 has completed at 191.867. Intraday bias is back on the upside for 196.38 resistance next. For now, risk will stay on the upside as long as 191.86 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 175.94 will bring deeper fall even still as a correction.
