GBPJPY continues to rise – Analysis – 16-7-2018

The GBPJPY pair succeeded to lean on the moving average 55 recently to gather new positive momentum and notice moving towards 148.90 level again, while we expect to gather new positive momentum caused by stochastic consolidation within the overbought areas to form strong bullish attack and face 150.80 level, followed by renewing the pressure on 151.90 level, attempting to close the previously achieved gap.

We should note that the stability of 148.15 level supports the attempt to form the double bottom pattern, which supports the domination of the positivity to assist to reach the suggested targets.

Expected trading range for today is between 148.15 and 150.80

Expected trend for today: Bullish