Daily Pivots: (S1) 202.19; (P) 202.73; (R1) 203.53; More…
GBP/JPY’s break of 203.41 resistance suggests that pullback from 205.30 has completed. Intraday bias is back on the upside for retesting 205.30 first. Firm break there will resume larger rally to 61.8% projection of 184.35 to 199.96 from 197.47 at 207.11. For now, risk will stay on the upside as long as 200.67 support holds, in case of retreat.
In the bigger picture, price actions from 208.09 (2024 high) are seen as a corrective pattern which might have completed at 184.35. Firm break of 208.09 high will resume the up trend from 123.94 (2020 low). Next target is 61.8% projection of 148.93 to 208.09 from 184.35 at 220.90. However, decisive break of 197.47 will dampen this view and could extend the corrective pattern with another fall.
