GBPJPY builds new support base – Analysis – 20-10-2017

The GBPJPY pair couldn’t settle for long time above 149.10 level, which forces it to provide an intraday sideways trading as appears in the above image, also we notice forming a new support base near 147.25 level, the attempts of regaining the bullish bias supports shrinking the possibility for providing bearish correctional trading.

The price stability within the main bullish channel reinforces the attempt to renew the bullish attack, gathering new positive momentum makes us expect resuming the bullish attack and achieving the initial target at 151.60, then attempt to surpass the achieved top at 152.85.

Expected trading range for today is between 147.25 and 151.60

Expected trend for today: Bullish