Today, July 17, 2024 – The GBPJPY pair encountered resistance near the 205.30 level, unable to sustain above it as stochastic indicators exited from overbought conditions. This led to a short-term negative rebound, settling near 205.25.
For the bullish outlook to remain intact, it is crucial for GBPJPY to stabilize above the main bullish channel’s support line at 204.45, with additional support near 204.75. This setup supports a positive momentum scenario, potentially targeting levels around 206.45 and 208.00.
Today’s expected trading range is projected between 204.80 and 206.45.
Trend Forecast: Bullish
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