The GBPJPY currency pair experienced a temporary setback as Stochastic indicators exited overbought territory, leading to a pause in the bullish momentum and a retracement towards the 182.80 level. However, the pair has found consistent support above the additional key level at 181.80, which plays a crucial role in affirming the overall bullish scenario for the near future. This enables us to maintain a bullish outlook and await a breakthrough above the 183.80 level, which could pave the way for additional gains targeting the levels at 184.35 and 185.00.
On the other hand, if the pair falls below the additional support and records a negative close below it, it may delay the bullish advance, initiating a corrective bearish trend. In this scenario, the pair may experience some losses, potentially retracing towards the 181.20 and 180.60 levels.
The expected trading range for today is situated between 182.30 and 183.80, with the overall trend expectation remaining bullish.