The GBP/JPY currency pair achieved its first additional target at 193.30 yesterday but has since experienced a temporary negative rebound, settling around the 192.20 level. This pullback is attributed to stochastic indicators exiting the overbought territory.
The establishment of continuous support at 191.80 suggests that there is potential for the pair to reignite its bullish momentum, with expectations to retest the 193.30 level. A successful breach of this level could lead to further targets at 194.15 and 194.90. However, should the price fall below this support, it may face a decline towards 190.80 and 190.10 before any possibility of reaching the proposed bullish targets.
The expected trading range for today is between 191.80 and 194.15.
Trend Forecast: Bullish
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