The GBP/JPY pair experienced a significant downward bounce yesterday after testing the 208.00 barrier, eventually reaching the support line of its primary bullish channel. However, the price has since begun to recover from this support, signaling a potential for achieving anticipated gains in upcoming sessions, targeting levels at 206.30 and subsequently 208.00 as key milestones.
Market analysts anticipate further upward movement in the short to intraday term unless there is a break below the critical level of 204.80 and a sustained hold beneath it.
Today’s projected trading range is expected between 204.70 and 206.50.
Trend Forecast: Bullish
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