The GBPJPY pair formed new bullish rally yesterday to breach the bearish channel’s resistance line at 190.55, to start forming bullish waves and achieve clear gains by touching 192.00.

 

The frequent stability above the breached resistance and stochastic approach to 80 level will increase the chances of resuming the bullish attack, to expect moving towards 192.55 level first, while surpassing it will extend trades towards 50% Fibonacci correction level at 193.25.

 

The expected trading range for today is between 190.75 and 192.55

 

Trend forecast: Bullish