The GBPJPY pair exhibited a robust upward movement, capitalizing on positive pressures generated by the stochastic indicator entering overbought areas. This led to the formation of a strong bullish rally, successfully achieving several previously suggested targets and touching 188.12.
While the price may undergo some sideways fluctuations, indications suggest the potential for continued positivity. This optimism is supported by major indicators signaling positive momentum, along with the stability of additional support at 186.10. The outlook anticipates an assault on the 188.60 level, with the subsequent target set at the 189.10 resistance. This level is crucial as it represents the key for a potential return to the bullish channel evident on the chart.
The anticipated trading range for the day is projected to fluctuate between 186.75 and 188.60.
The prevailing trend for today is expected to be bullish, reflecting the ongoing positive momentum in the GBPJPY pair.