Daily Pivots: (S1) 164.19; (P) 166.39; (R1) 167.67; More…
Intraday bias in GBP/.JPY stays neutral at this point. Further rise is in favor as long as 164.95 support holds. Break of 172.11 will resume larger up trend. However, break of 164.95 will bring deeper pull back to 159.71 support and below.
In the bigger picture, up trend from 123.94 (2020 low), as part of the trend from 122.75 (2016 low) is still in progress. Further rise would be seen to 161.8% projection of 122.75 to 156.59 (2018 high) from 123.94 at 178.69. This will now remain the favored case as long as 148.93 support holds.
