The GBPJPY pair has recently encountered solid support at 190.70, halting the previous downward movement. This support, coupled with stochastic positivity, has led to a corrective bullish rebound, bringing the price to test the former bearish channel’s support line at 192.15.
Despite some divergence between key indicators, which may lead to sideways trading today, sustained consolidation above the support level could enable a breakout above 192.15. This would initiate a bullish move, with the next resistance targets at 192.80 and 194.05 in the near term.
Expected trading range for today: 191.70 – 192.80
Trend forecast: Bullish
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