The GBPJPY pair took advantage of the positive factors that ae represented by the positive momentum from the main indicators and forming a new support at 197.45 level, forming a new bullish rally on Friday by achieving the target at 198.85, to face strong challenge by forming extra barriers by 66%Fibonacci correction level.

 

Stepping above the current barrier is required to resume the bullish attempts, besides providing positive close to reinforce the chances of reaching extra positive stations that might begin at 200.45, while the failure to breach will push it to renew the bearish correctional attempts, which forces it to reach 61.8%Fibonacci correction level at 197.45, and breaking it will extend the losses in the near period to 196.55 and 195.60.

 

The expected trading range for today is between 198.25 and 200.40

 

Trend forecast: Bullish