Intraday bias in GBP/JPY is turned neutral again with current recovery. But risk will stay on the downside as long as 211.25 resistance holds. Below 206.85 will target 206.10 fibonacci support. Strong support should be seen there to bring rebound.
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. Strong support is expected from there to bring rebound. However, decisive break will raise the chance of larger trend reversal, and target 61.8% retracement at 197.80.
