Daily Pivots: (S1) 181.90 (P) 182.35; (R1) 183.14; More…
GBP/JPY’s break of 183.00 resistance suggests that pull back from 186.75 has completed at 178.02 already. Intraday bias is back on the upside. Stronger rally would be seen back to 185.67/186.75 resistance zone. However, below 181.53 minor support will mix up the outlook and turn intraday bias neutral first.
In the bigger picture, fall from 186.75 is currently seen as a corrective move only. As long as 176.29 support holds, larger up trend from 123.94 (202 low) should still be in progress. Break of 186.75 will target 195.86 (2015 high). Nevertheless, firm break of 176.29 will confirm medium term topping, and bring lengthier and deeper consolidations.
