Daily Pivots: (S1) 211.18; (P) 211.67; (R1) 212.03; More…
Intraday bias n GBP/JPY is turned neutral again with current retreat. Considering bearish divergence condition in 4H MACD, firm break of 210.48 support should confirm short term topping. Deeper decline would be seen to 55 D EMA (now at 206.74) as a correction. Nevertheless, sustained break of 61.8% projection of 184.35 to 205.30 from 199.04 at 211.98 will extend current up trend to 100% projection at 219.99 next.
In the bigger picture, up trend from 123.94 (2020 low) is in progress. Next target is 61.8% projection of 148.93 to 208.09 from 184.35 at 220.90. On the downside, break of 205.30 resistance turned support is needed to indicate medium term topping. Otherwise, outlook will stay bullish even in case of deep pullback.
 as a correction. Nevertheless, sustained break of 61.8% projection of 184.35 to 205.30 from 199.04 at 211.98 will extend current up trend to 100% projection at 219.99 next.){kind=link}