Daily Pivots: (S1) 215.64; (P) 215.97; (R1) 216.52; More…
Intraday bias in GBP/JPY is back on the upside as up trend resumed. Further rise should be seen to 61.8% projection of 199.04 to 214.98 from 209.58 at 219.43. On the downside, below 214.92 support will turn bias neutral again first, and bring consolidations before, before staging another rally.
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.
