The GBP/JPY currency pair has continued its bullish correction, supported by the 38.2% Fibonacci retracement level at 190.70. This support, along with positive momentum from stochastic indicators, propelled the pair higher, reaching 193.40 before settling near the 192.80 resistance level.
With stochastic momentum remaining positive, there is a strong likelihood that the pair will continue its upward movement. The next key target is the 50% Fibonacci retracement level at 194.10, where traders will closely monitor the price action to gauge the strength of the next major trend.
Trading Outlook
The expected trading range for GBP/JPY today is between 192.10 and 194.10.
Trend Prediction: Bullish.
The pair’s positive momentum suggests a further rally, with the potential to break through the next resistance level at 194.10 and set the stage for the continuation of the upward trend.
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