The GBPJPY currency pair remains entrenched in a positive trajectory, affirming its correctional bullish bias as it consistently holds above the 184.30 level. This level has proven to be a robust support, as depicted on the chart, with stochastic indicators suggesting a potential delay in the bullish rally as they exit from overbought areas, contributing to the formation of comparatively subdued trades.
However, the likelihood of gathering positive momentum persists, which could trigger the anticipated bullish rally. It is worth noting that the short-term and medium-term positive targets are set around 186.20 and 187.05, respectively.
Analysts indicate that the ongoing stability above the 184.30 level is crucial for the sustained bullish sentiment. A successful accumulation of positive momentum would further propel the currency pair towards its aforementioned bullish targets.
Looking ahead, the projected trading range for the day is anticipated to fall between 184.60 and 186.25. Investors and traders are advised to monitor developments closely as the GBPJPY pair navigates its current trajectory.
In conclusion, the overall trend for the day is expected to remain bullish, contingent upon the pair’s ability to maintain support above key levels and gather the necessary positive momentum for a sustained rally.