Daily Pivots: (S1) 151.01; (P) 151.51; (R1) 152.03; More…
Intraday bias in GBP/JPY is turned neutral with a temporary low formed at 150.95. Some consolidations could be seen but outlook will stay mildly bearish as long as 155.20 resistance holds. Break of 150.95 will resume the fall from 158.04, as the the third leg of the consolidation pattern from 158.19, to 148.94 support.
In the bigger picture, price actions from 158.19 are seen as developing into a consolidation pattern to up trend from 123.94 (2020 low). Downside should be contained by 38.2% retracement of 123.94 to 158.19 at 145.10 to bring rebound. Firm break of 158.19 will resume the up trend to long term fibonacci level at 167.93. However, sustained break of 145.10 will raise the chance of trend reversal and target 61.8% retracement at 137.02.
