The GBPJPY pair reached 199.85 level in its last bullish rally, which forced it to form a bearish correctional rebound, to fluctuate below 66.8%Fibonacci correction level, affected by stochastic exit from the overbought level, forcing it to delay the positivity temporarily currently.

 

The main stability within the bullish channel’s levels in the above image makes us wait to gather the positive momentum, to expect the trading confinement between the current trading at 198.00 level, forming extra support while forming bullish waves might assist reaching 199.45 and 200.35.

 

The expected trading range for today is between 198.30 and 199.45

 

Trend forecast: Fluctuated within the bullish track