The GBPJPY currency pair experienced a strong bullish rally on Tuesday, breaking through the bearish channel’s resistance at 190.55. This breakout led to significant gains, with the pair reaching 192.00.
The continued stability above the breached resistance level, combined with the stochastic indicator approaching the 80 level, suggests a higher probability of further bullish movement. The next target is the 192.55 level, and a breakout above this could push the pair toward the 50% Fibonacci retracement level at 193.25.
The expected trading range for today is between 190.75 and 192.55.
Trend Outlook: Bullish
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