The intraday bias for GBP/JPY is currently neutral. A move above 214.66 could extend the rebound from 210.43 and test the 216.58 high, though strong resistance is expected to limit upside on the initial attempt. Conversely, a decline below 213.25 would re‑establish a bearish bias, targeting 211.23 as the next support level.
In the broader context, despite the steep decline from 216.58, there is no clear indication of a trend reversal yet. The long‑term uptrend may still project toward the 61.8% level derived from the 148.93 (2022 low) to 208.09 (2024 high) range, beginning from 184.35 at 220.90 if momentum resumes. Nevertheless, a sustained breach of the 55‑week exponential moving average, presently at 206.27, would suggest the market has entered a medium‑term downtrend toward the 184.35 support level.
