Daily Pivots: (S1) 215.16; (P) 215.54; (R1) 216.15; More…
Intraday bias in GBP/JPY stays neutral and more consolidations could be seen. Further rise is expected as long as 213.94 r support holds. On the upside, firm break of 216.04 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 205.25) holds, even in case of another deep pullback.
