Daily Pivots: (S1) 197.69; (P) 198.45; (R1) 198.99; More…
Intraday bias in GBP/JPY remains on the downside as fall from 201.24 short term top is in progress. Decisive break of 197.93 support will argue that whole rise from 184.35 has completed too and target 195.01 support next. On the upside, above 198.99 support turned resistance will turn intraday bias neutral first. But risk will stay on the downside as long as 200.49 support holds, in case of recovery.
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.
