Daily Pivots: (S1) 198.15; (P) 198.41; (R1) 198.87; More…
Intraday bias in GBP/JPY stays neutral and outlook is unchanged. On the downside, break of 197.84 will extend the pullback from 200.26 towards 195.01 support. But near term outlook will still stay bullish as long as 195.01 support holds. On the upside, firm break of 2002.6 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.
