Daily Pivots: (S1) 199.10; (P) 199.82; (R1) 200.30; More…
Intraday bias in GBP/JPY is back on the downside with break of 198.99. A short term top should be formed at 201.24, on bearish divergence condition in 4H MACD. Deeper fall should be seen to 197.93 support first. Firm break there will argue that whole rise from 184.35 has completed too and target 195.01 support next. For now, 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.
