Daily Pivots: (S1) 197.39; (P) 198.01; (R1) 198.52; More…
Intraday bias in GBP/JPY is turned neutral first with current recovery. Some consolidations would be seen above 197.47 but further decline is expected as long as 200.49 resistance holds. Below 197.47 will resume the fall from 201.24 to 195.01 support next. Firm break there will confirm near term bearish reversal.
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.
