The GBP/JPY pair saw sluggish sideways movement, influenced by conflicting stochastic signals despite remaining relatively stable above the additional support level at 188.65. The sustained presence above this support level indicates a potential acceptance of the primary bullish scenario. Consequently, investors may anticipate a resurgence in positive momentum, facilitating the pursuit of new gains. Initial targets for this upward momentum could be around 190.20, with further advances potentially reaching 191.80 over the medium term.
Conversely, if the pair succumbs to downward pressure and breaches the current support level, it may delay bullish advances and initiate a period of pronounced corrective bearish movements. In such a scenario, the pair could encounter notable losses, potentially descending towards levels at 187.45 and 186.55.
The projected trading range for the current session is anticipated to fluctuate between 188.70 and 190.20.
Today’s forecasted trend leans towards a bullish bias, contingent on the pair maintaining stability above key support levels.