The GBP/JPY currency pair encountered new downward pressures in the previous session as the Stochastic oscillator dipped below the 50 level. This movement led to a temporary dip below the 183.50 level, followed by a swift rebound towards 184.20.
These developments reinforce the prevailing bullish scenario, with the pair maintaining its primary consolidation within the minor bullish channel visible on the chart. Additionally, the successful accumulation of additional positive momentum is expected to support the activation of a bullish move. This could result in repeated attempts to reach positive price levels, currently situated near 185.40 and 186.00.
For today, traders can anticipate a trading range with support around 183.50 and resistance at 185.00.
In summary, the expected trend for today remains bullish, with the GBP/JPY pair displaying resilience against stochastic negativity and the potential for further upward movements.