Daily Pivots: (S1) 165.35; (P) 166.09; (R1) 166.77; More…
Intraday bias in GBP/JPY is turned neutral with current retreat and some consolidations could be seen. But outlook will stay cautiously bullish as long as 162.75 support holds. Above 166.82 will resume the larger rebound form 155.33 to 169.26 resistance next.
In the bigger picture, as long as 38.2% retracement of 123.94 (2020 low) to 172.11 (2022 high) at 153.70 holds, medium term bullishness is retained. That is, larger up trend from 123.94 (2020 low) is still in progress. Break of 172.11 high to resume such up trend is expected at a later stage.
