Daily Pivots: (S1) 195.21; (P) 196.57; (R1) 199.17; More..
GBP/JPY’s steep retreat indicates short term topping at 200.53. Intraday bias is turned neutral for consolidations first. But outlook will remain bullish as long as 193.51 resistance turned support holds. Firm break of 200.53 will resume larger up trend.
In the bigger picture, current rally is part of the up trend from 123.94 (2020 low). Sustained break of 61.8% projection of 155.33 to 188.63 from 178.32 at 198.89 will pave the way to 100% projection at 211.65. Break of 189.97 support is needed to be the first sign of medium term topping. Otherwise, outlook will remain bullish in case of retreat.
