Daily Pivots: (S1) 196.69; (P) 197.36; (R1) 198.48; More…
Intraday bias in GBP/JPY remains on the upside at this point. As noted before, corrective pullback from 199.96 could have completed at 195.01. Further rise should be seen for retesting 199.96 high. Firm break there will resume the rally from 184.35. On the downside, below 196.21 minor support will turn intraday bias neutral first. Also, in case of another fall, strong support is expected from 193.99 cluster support (38.2% retracement of 184.35 to 199.96 at 193.99) to bring rebound.
In the bigger picture, price actions from 208.09 (2024 high) are seen as a correction to rally from 123.94 (2020 low). The pattern might still extend with another falling leg. But in that case, strong support should be seen from 38.2% retracement of 123.94 to 208.09 at 175.94 to contain downside. Meanwhile, decisive break of 208.09 will confirm long term up trend resumption.
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