The GBPJPY pair engaged in mixed sideways trading in the recent session, despite its frequent stability above the additional support level of 184.25. This behavior was influenced by the stochastic indicator’s exit from the overbought areas, leading to a temporary hindrance in the bullish rally and causing the pair to fluctuate near the 184.90 level.
In a broader context, we maintain our bullish outlook, emphasizing the importance of surpassing the 185.90 level to pave the way for the resumption of the bullish move. This would target the 186.76 level as the next objective. Conversely, a decline below the additional support level could trigger a correctional bearish trend, resulting in potential losses as the price moves towards the 183.60 and 182.90 levels before initiating new upward targets.
The anticipated trading range for today is projected to oscillate between support at 184.65 and resistance at 185.95.
In summary, the prevailing trend for today is expected to be bullish, with the GBPJPY pair maintaining its position above the support level and the potential for further gains.