Daily Pivots: (S1) 210.95; (P) 211.57; (R1) 212.52; More…
Intraday bias in GBP/JPY remains neutral first. On the upside, break of 212.10 will resume the rebound from 207.20 to retest 214.98 high. On the downside, below 209.15 will bring deeper fall to 207.20 support. Overall, as long as 207.20 support holds, price actions from 214.98 are seen as a near term consolidation pattern only. Larger up trend should resume sooner rather than later.
In the bigger picture, up trend from 123.94 (2020 low) is still in progress. Firm break of 214.98 will target 61.8% projection of 148.93 (2022 low) to 208.09 (2024 high) from 184.35 at 220.90. This will remain the favored case as long as 55 W EMA (now at 202.80) holds, even in case of another deep pullback.
