Daily Pivots: (S1) 198.92; (P) 199.57; (R1) 200.23; More…
GBP/JPY recovers today but stays below 200.26 resistance and intraday bias remains neutral. Some more consolidations could be seen, but in case of another fall, downside should be contained well above 195.01 support. On the upside, firm break of 200.26 will resume the whole rise from 184.35 to 100% projection of 180.00 to 199.79 from 184.35 at 204.14.
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.
