Daily Pivots: (S1) 206.94; (P) 207.47; (R1) 208.16; More…
GBP/JPY is still extending the consolidations from 208.92 and intraday bias remains neutral. Further rally is expected as long as 205.17 support holds. On the upside, break of 208.92 will resume larger up trend and target 61.8% projection of 184.35 to 205.30 from 199.04 at 211.98 next.
In the bigger picture, up trend from 123.94 (2020 low) is resuming. Next target is 61.8% projection of 148.93 to 208.09 from 184.35 at 220.90. On the downside, break of 199.04 support is needed to indicate medium term topping. Otherwise, outlook will stay bullish even in case of deep pullback.
