Daily Pivots: (S1) 208.89; (P) 209.87; (R1) 211.28; More…
Intraday bias in GBP/JPY remains on the upside for the moment. Pull back from 214.98 has completed as a near term correction at 207.20. Further rise would be seen to retest 214.98 first. Firm break there will resume larger up trend. For now, risk will stay on the upside as long as 207.20 holds, in case of retreat.
In the bigger picture, current development argues that price actions from 214.98 might be a near term consolidation pattern only. That is, larger up trend from 123.94 (2020 low) is still in progress. Firm break of 214.98 will target 61.8% projection of 148.93 (2022 low) to 208.09 (2024 high) from 184.35 at 220.90. On the downside, though, break of 207.20 will revive that case that it’s already in a larger scale correction.
