Daily Pivots: (S1) 212.37; (P) 213.25; (R1) 213.93; More…
A temporary top was formed at 214.27 with current retreat. Intraday bias in GBP/JPY is turned neutral first for consolidations. Downside should be contained by 210.28 support to bring another rally. Break of 214.27 will resume larger up trend to 100% projection of 184.35 to 205.30 from 199.04 at 219.99 next. Nevertheless, considering bearish divergence condition in 4H MACD, firm break of 210.28 will confirm short term topping, and turn bias to the downside for deeper pullback.
In the bigger picture, up trend from 123.94 (2020 low) is in progress. Next target is 61.8% projection of 148.93 (2022 low) to 208.09 (2024 high) from 184.35 at 220.90. On the downside, break of 205.30 resistance turned support is needed to indicate medium term topping. Otherwise, outlook will stay bullish even in case of deep pullback.
