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GBPJPY Takes Breath – Forecast for Today, July 4, 2024

GBPJPY Price Analysis

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Expected Scenario

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The GBPJPY pair saw further gains yesterday, rallying to 206.15 before settling near 205.80 and beginning temporary sideways fluctuations. Continuous positive momentum could reinforce attempts to reach the next major target at 206.45, which may present a significant obstacle to bullish movements. It’s crucial to monitor price behavior and await the next four-hour close to gauge the expected trend for the near and medium terms.

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Staying below 206.45 could activate a corrective bearish trajectory, potentially testing 204.80 and reaching the main support at 203.80. Conversely, breaching and holding above this resistance level could pave the way for new gains, extending towards 208.40 and 209.10.

Expected Trading Range

Between 205.30 and 206.45.

Trend Forecast: Bullish

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