GBP/JPY Consolidation Continues Below 219.56

The GBP/JPY currency pair continued its consolidation trend below 219.56 last week and the outlook remains unchanged this week.

The initial bias is neutral, but a firm break of 219.56 could extend the larger uptrend to 220.90, a Fibonacci projection level.

In the bigger picture, the long-term uptrend is in progress, with the next target being 61.8% of the projection from 184.35 at 220.90.

The GBP/JPY's long-term trend from 116.83 (2011 low) is also in progress, and the next target is 251.09 (2007 high), as long as the 55 M EMA holds.