Intraday bias in GBP/JPY remains on the downside despite current recovery. Decline from 217.45 is seen as the third leg of the the corrective pattern from 219.56. Deeper fall should be seen to 209.55 support. Break there will target 206.10 fibonacci level. On the upside, above 212.30 minor resistance will turn intraday bias neutral first.
In the bigger picture, price action from 219.56 is seen as correcting the up trend from 184.35 (2025 low). Deeper fall could be seen to 38.2% retracement of 184.35 to 219.56 at 206.10 before the correction completes. For now, risk will stay on the downside as long as 217.45 resistance holds, in case of rebound.
