Overview

The GBP/JPY pair succeeded to gain new bullish momentum as stochastic approached the 80 level, reinforcing the expected bullish attempts. We are waiting until the price crawls towards the initial target at 152.80, while the continuous positive pressures will allow the price to resume the bullish attack and reach 154.20, followed by reaching 50% Fibonacci correction level at 155.90. We remind you that it is important to hold above the initial support at 150.00, as breaking it will postpone the bullish attack and force the price to provide some correctional bearish trades that will push the price to suffer losses, starting at 149.75 followed by 147.10. The expected trading range for today is between 150.60 and 152.85