Daily Pivots: (S1) 191.35; (P) 192.43; (R1) 193.02; More…..
Intraday bias in GBP/JPY is turned neutral with current retreat and some consolidations would be seen. Nevertheless, outlook will stay bullish as long as 187.94 support holds. On the upside, break of 193.51 will resume larger up trend to 61.8% projection of 178.32 to 191.29 from 187.94 at 195.95, which is close to 195.86 long term resistance.
In the bigger picture, current rally is part of the uptrend from 123.94 (2020 low), and is in progress for long term resistance (2015 high). Break of 187.94 support is needed to be the first sign of medium term topping. Otherwise, outlook will remain bullish in case of retreat.
