Daily Pivots: (S1) 194.99; (P) 196.27; (R1) 197.19; More…
Intraday bias in GBP/JPY remains neutral for the moment, and more consolidations could be seen below 198.87. Deeper pullback cannot be ruled out, but outlook will stay bullish as long as 193.99 support holds. Above 198.78 will resume the rise from 184.35 to 199.79 resistance. Break there will target 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.