The GBPJPY pair has entered a consolidation phase, taking a temporary pause subsequent to a robust bullish rally that propelled it to the 184.30 level. The current sideways fluctuation is evident around 183.50, with the Moving Average 55 (MA55) maintaining stability near 182.10 and forming continuous additional support. This stability provides a foundation for maintaining bullish attempts, with the potential to exceed the 184.55 level, followed by an anticipation of further gains, potentially targeting levels at 185.45 and 186.15.
It’s noteworthy that stochastic indicators are consolidating within the overbought areas, signaling the potential gathering of positive momentum. This consolidation could facilitate the mission to reach the suggested positive stations.
The projected trading range for today is expected to oscillate between 182.90 and 185.00.
Overall, the prevailing trend for today is characterized as bullish, reflecting the pair’s inclination to resume its upward trajectory following the current consolidation phase.