Daily Pivots: (S1) 195.56; (P) 195.86; (R1) 196.26; More…
GBP/JPY edged higher to 196.42 but reversed from there. Corrective pattern from 196.38 is extending with another falling leg and intraday bias remains neutral. Further rise is in favor as long as 191.86 support holds. Firm break of 196.38 will resume whole rally from 184.35 to 199.79 resistance, and possibly further to 100% projection of 180.00 to 199.79 from 184.35 at 204.14.
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.
