Daily Pivots: (S1) 191.80; (P) 192.19; (R1) 192.81; More…..
Intraday bias in GBP/JPY remains neutral and outlook is unchanged. Consolidation from 193.51 is extending but further rally is expected as long as 190.02 support holds. On the upside, break of 193.51 will resume larger up trend to 195.86 long term resistance. On the downside, though, break of 190.02 will turn bias to the downside for 187.94 support instead.
In the bigger picture, current rally is part of the up trend from 123.94 (2020 low), and is in progress for 195.86 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.
