GBPJPY attacks the resistance – Analysis – 30/7/2015

The GBPJPY pair rallied towards the initial resistance at 193.75 yesterday, attempting to regain the bullish bias, but closing below the mentioned level makes us stay aside for today until confirming the next trend and monitor the price to avoid any attempt to trade in sideways range.

We notice that the price still settled within the major bullish channel, to expect rallying towards the main resistance at 196.40 in case the initial resistance was breached, while the sideways fluctuation might force the price to decline towards 192.10 level to keep the price settled within the sideways level for now.

Expected trading range for today is between 193.75 and 192.10 

Expected trend for today: Neutral