The GBPJPY pair confirmed the stability of the bullish scenario by forming a new bullish rally yesterday, achieving the initial target by hitting 203.50 level, to settle above $161.8 Fibonacci extension level at 202.50.

 

The continuation of providing positive momentum by the main indicators will increase the strength of the bullish track, to expect attacking the barrier at 203.95, and surpassing it will open the way for reaching new stations that might begin from 204.60 and 205.25, while changing the trend and begin the bearish corrective track requires forming sharp decline to settle below the extra support at 201.70.

 

The expected trading range for today is between 202.60 and 203.95

 

Trend forecast: Bullish