The GBPJPY pair failed to surpass the MA55 that formed solid barrier by settling at 192.60, to form strong negative rebound and approach the initial support at 189.75.

 

The suggested scenario on the near-term basis depends on the strength of the current support line, as its stability allows us to expect renewing the bullish attempts in order to reach 191.00 followed by reaching the next target at 193.25, while crawling below the support and providing negative close below it will push it back to the negative track, to suffer many losses by moving towards 188.65.

 

The expected trading range for today is between 189.75 and 191.00

 

Trend forecast: Bullish