Daily Pivots: (S1) 203.03; (P) 203.96; (R1) 204.61; More…
A temporary top was formed at 205.30 with current retreat, and intraday bias in GBP/JPY is turned neutral for consolidations. Downside should b contained above 201.24 resistance turned support to bring another rally. On the upside, break of 205.30 will resume the rise from 197.47 to 61.8% projection of 184.35 to 199.96 from 197.47 at 207.11.
In the bigger picture, price actions from 208.09 (2024 high) are seen as a corrective pattern which might have completed at 184.35. Firm break of 208.09 high will resume the up trend from 123.94 (2020 low). Next target is 61.8% projection of 148.93 to 208.09 from 184.35 at 220.90. This will now remain the favored case long as 197.47 support holds.
