GBP/JPY continues its rally today with the intraday bias staying on the upside. The current uptrend is expected to target 206.56 as the next level, which is the 100% projection of the move from 191.34 to 200.72 starting from 197.18. If the price falls below 203.87, the intraday bias may turn neutral and lead to consolidations. However, the outlook remains bullish as long as the support at 201.59 holds in case of a retreat.
In the bigger picture, the long-term uptrend is still ongoing with the next target at 211.62, which is the 100% projection of the move from 155.33 to 188.63 starting from 178.32. The outlook will remain bullish as long as the support at 197.18 holds, even in the case of a deep pullback.