The GBPJPY currency pair encountered difficulty in confirming its breach of the key resistance barrier at 183.50. This setback led to a decline, with the pair edging closer to 182.05. It’s noteworthy that the stochastic indicator is displaying signs of providing negative momentum, raising the potential for the pair to experience further declines and approach an additional support level at 181.55 in the near term. The trajectory of the price at this level will be instrumental in confirming the next directional move.
However, should the pair manage to successfully breach the aforementioned resistance and maintain a position above it, this would pave the way for a resumption of the primary bullish advance. This is contingent on the pair’s ability to stay within the confines of the established bullish channel, with the expectation of targeting 184.40 and, subsequently, achieving the next primary target at 185.00.
In terms of the anticipated trading range for the day, it is expected to fluctuate between 183.40 and 181.60.
The prevailing outlook for today suggests a bias toward a bullish trajectory, provided that the pair can overcome the hurdles posed by the resistance at 183.50 and sustain its position above this level.