Daily Pivots: (S1) 207.25; (P) 208.41; (R1) 209.24; More…
Immediate focus stays on 38.2% retracement of 197.47 to 214.83 at 208.19 in GBP/JPY. Sustained break there will argue that it’s already correcting whole up trend from 184.35. However, strong rebound from current level, followed by break of 210.47 minor resistance will retain near term bullishness, and bring retest of 214.83/98 resistance zone.
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.
