The GBPJPY currency pair is currently showing stability within a minor bullish channel; however, the absence of positive momentum has resulted in sideways trading around the 195.00 level. For the bullish trend to resume, it is crucial for the pair to maintain support at the 194.30 line. This stability would facilitate a potential breakout above the 195.60 resistance, allowing the price to target the next positive levels at 196.40 and 197.30.
Conversely, failure to breach the 195.60 resistance could lead the price to test the support line of the bullish channel. A break below this support would likely trigger corrective bearish movements, with initial targets at 193.00, followed by additional support at 191.70.
The expected trading range for today is between 194.50 and 196.40.
Trend Forecast: Bullish
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