Daily Pivots: (S1) 212.26; (P) 213.37; (R1) 214.60; More…
Intraday bias in GBP/JPY remains neutral for the moment. Below 211.57 minor support will extend the corrective pattern from 214.83 with another downleg, towards 209.61 and below. But downside 38.2% retracement of 197.47 to 214.83 at 208.19 to bring rebound. Meanwhile, firm break of 214.83/98 will extend larger up trend to 220.90 projection level next.
In the bigger picture, up trend from 123.94 (2020 low) is in progress. Next target is 61.8% projection of 148.93 (2022 low) to 208.09 (2024 high) 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.
