GBP/JPY Pauses at Resistance as Trend Remains Uncertain

The GBP/JPY currency pair has confirmed its short-term bottom at 207.06 after a strong rebound last week.

However, it stalled at 211.25 and retreated, turning initial bias to neutral this week.

Despite the pullback, risk remains on the upside as long as 207.06 holds. If the price breaks above 211.25, it will target the 38.2% retracement of 219.56 to 207.06 at 211.83.

Breaking through this level will set its sights on the 61.8% retracement at 214.78.