The GBPJPY pair formed a new bullish rally yesterday, benefiting from the continuation of providing positive momentum by the main indicators, to surpass %38.2 Fibonacci correction level at 218.55, which formed the main target in the previous report, to open the way for recording extra gains by reaching 219.30 level.

 

We will depend on forming extra support at 218.55 level, to reinforce the chances of forming new bullish waves, targeting the bullish channel’s resistance at 220.00, and surpassing it will form the next main target at 220.45 level in the current trading.

 

The expected trading range for today is between 218.80 and 220.00

 

Trend forecast: Bullish