The GBP/JPY currency pair maintained its bullish momentum, reaching the 23.6% Fibonacci retracement level at 159.80, in line with previous targets. However, the pair has since entered a phase of mixed trading, influenced by the stochastic oscillator reaching overbought territory. This suggests a temporary sideways movement, with a bias toward consolidation until the current resistance is breached. A breakout above this level could open the path for further gains, potentially targeting new levels around 196.60.
Should the pair fail to surpass this resistance, it may trigger a bearish correction, with a potential decline to 193.85, followed by 193.30, which would close the previous price gap.
Today’s projected trading range: 194.40 to 196.60
Trend outlook: Bullish
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