Daily Pivots: (S1) 215.21; (P) 215.57; (R1) 215.94; More…
Intraday bias in GBP/JPY is turned neutral first and some consolidations would be seen below 215.89 temporary low. Downside of retreat should be contained by 213.29 resistance turned support to bring another rally. On the upside, break of 215.89 will resume larger up trend to 61.8% projection of 199.04 to 214.98 from 209.58 at 219.43.
In the bigger picture, 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. This will remain the favored case as long as 55 W EMA (now at 204.47) holds, even in case of another deep pullback.
