The GBPJPY pair ended its last bullish rally by providing a negative close below 66% Fibonacci correction level at198.80, to form an extra obstacle against the bullish attempts, which forces it to form a temporary correctional rebound at 197.85, attempting to catch its breath before resuming the main bullish attack.

 

Reminding you that the main stability within the bullish channel’s levels and its main support is located near 195.70, by forming extra support at 197.30 represented by 61.8%Fibonacci correction level, these factors make us wait for gathering new positive momentum that allows it to press on the mentioned obstacle and surpassing it will reinforce the chances of reaching the next target near 199.55.

 

The expected trading range for today is between 197.65 and 198.80

 

Trend forecast: Bullish