Daily Pivots: (S1) 207.99; (P) 208.76; (R1) 209.45; More…
Intraday bias in GBP/JPY stays neutral at this point and outlook is unchanged. On the downside, sustained break of 38.2% retracement of 197.47 to 214.98 at 208.29 will suggest that larger scale correction is already underway and target 203.27 fibonacci level. Nevertheless, 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, considering the break of 55 D EMA, a medium term top could be formed at 214.98. Deeper correction would be seen, but downside should be contained by 38.2% retracement of 184.35 to 214.98 at 203.27. On the upside, break of 214.98 will resume larger up trend from from 123.94 (2020 low), and target 61.8% projection of 148.93 (2022 low) to 208.09 (2024 high) from 184.35 at 220.90.
