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GBP/JPY Still Bullish – Forecast for July 5, 2024

GBP/JPY Pair Price Analysis

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Expected Scenario

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The GBP/JPY pair experienced some correctional negative waves yesterday, influenced by the stability at the 206.30 barrier, which caused it to crawl towards 205.00. Despite this, the pair has maintained its position above the first additional support at 204.80.

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Supporting Factors

It is crucial for the pair to hold above the 204.80 support line to increase the chances of gathering the necessary positive momentum to renew the pressure on the 206.30 barrier. This would enable the resumption of the bullish attack, potentially reaching 208.40. Conversely, breaking the support and holding below 204.80 would confirm a surrender to the correctional bearish bias, potentially leading to a decline to 203.80 and then to the next main support at 203.00.

Expected Trading Range

Today’s anticipated trading range for GBP/JPY is between the 204.80 support level and the 206.00 resistance level.

Trend Forecast

The trend forecast for GBP/JPY remains bullish.

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