Daily Pivots: (S1) 163.67; (P) 165.48; (R1) 168.63; More…
GBP/JPY’s rise from 148.93 resumed by breaking through 165.69 resistance. Intraday bias is back on the upside for 169.10 high. Decisive break there will confirm larger up trend resumption. For now, further rally will remain in favor as long as 159.71 support holds, in case of retreat.
In the bigger picture, strong support from 38.2% retracement of 123.94 to 169.10 at 151.84 suggests that price actions from 169.10 are developing into a corrective pattern only. That is, rise from 123.94 (2020 low) should resume at a later stage. This will now remain the favored case as long as 148.93 support holds.
