GBP/JPY Neutral Bias Ahead as Support Levels Loom

The GBP/JPY currency pair closed last week at 206.85 but quickly recovered from that low point, leaving its bias neutral for this week.

Despite a potential fall not being ruled out, support is expected to be strong at the 206.10 Fibonacci level, which could bring about a rebound.

A break above 211.25 resistance would indicate short-term bottoming, but if 206.10 is decisively broken, bearish implications will carry over into larger trends.

In the bigger picture, the price action from 219.56 is seen as correcting the up trend from 184.35 (2025 low).

A deeper fall could be seen to the 38.2% retracement of 184.35 to 219.56 at 206.10, where strong support is expected and a rebound should follow.