Daily Pivots: (S1) 190.78; (P) 191.02; (R1) 191.25; More…..
GBP/JPY is gyrating in tight range around 55 4H EMA and intraday bias remains neutral. More consolidations could be seen. But outlook will stay bullish as long as 187.94 support holds. On the upside, break of 193.51 will resume larger up trend towards 195.86 long term resistance.
In the bigger picture, current rally is part of the up trend from 123.94 (2020 low), and is in progress for long term resistance (2015 high). Break of 187.94 support is needed to be the first sign of medium term topping. Otherwise, outlook will remain bullish in case of retreat.
