GBPJPY tests key support – Analysis – 3-10-2017

The GBPJPY pair faced sudden negative pressure yesterday that forced it to form some correctional trading and test 50% Fibonacci correction level at 149.10, while the stability of the current level confirms forming solid support against the negative fluctuations and allows us to continue suggesting the bullish bias that targets 152.80 followed by 155.20 levels.

On the other hand, declining below the current support will confirm the beginning of forming correctional bearish bias to target 147.80 level, and the continuous negative pressures might extend the pair's losses to 145.10 before achieving any new positive target.

Expected trading range for today is between 149.20 and 152.80

Expected trend for today: Bullish