GBP/JPY Daily Pivots: (S1) 203.83; (P) 205.09; (R1) 206.33. The correction from the short-term top of 208.09 may continue downwards. If it falls below 203.82, the next target is the 38.2% retracement level at 201.69. A strong support level is expected there, leading to a rebound and consolidation below 208.09. However, a sustained break of 201.69 may indicate a larger correction is already underway.
In the bigger picture, the long-term uptrend is still ongoing with the next target at 211.62. The outlook remains bullish as long as the 200.72 resistance turned support holds, even in the case of a deep pullback.