Daily Pivots: (S1) 207.83; (P) 208.32; (R1) 208.73; More…
Intraday bias in GBP/JPY is turned neutral and some consolidations would be seen below 208.92 temporary top. Further rally is expected as long as 205.17 support in case of retreat. On the upside, break of 208.92 will resume larger up trend to 61.8% projection of 184.35 to 205.30 from 199.04 at 211.98.
In the bigger picture, up trend from 123.94 (2020 low) is resuming. Next target is 61.8% projection of 148.93 to 208.09 from 184.35 at 220.90. On the downside, break of 199.04 support is needed to be the first sign of medium term topping. Otherwise, outlook will stay bullish even in case of deep pullback.
