Overview

Despite the GBP/JPY pair's stability above the 150.00 initial support, we notice formation of sideways trading by moving below 152.80 due to a lack of bullish momentum. Meanwhile, stochastic's exit from the oversold areas forms the main factor of the current sideways trading. The price is likely to gather new bullish momentum in the near term and surpass the current barrier to reach the second target at 155.60. We remind you that attempting to break the initial support will confirm correctional bearish bias formation for the upcoming trading to move towards 147.80 before achieving any new positive target. The expected trading range for today is between 150.00 and 152.80.