Daily Pivots: (S1) 199.10; (P) 199.82; (R1) 200.30; More…
Intraday bias in GBP/JPY remains neutral first. On the downside, break of 198.99 support will resume the fall from 201.24 to 197.93 support. Considering bearish divergence condition in both D and 4H MACD, firm break of 197.93 will indicate bearish reversal and bring deeper fall back to 195.01. Nevertheless, above 200.49 will retain near term bullishness and target 201.24 next.
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.
