GBPJPY moves within tight range – Analysis – 31-7-2017

The GBPJPY pair was forced to provide intraday sideways trading due to forming new support at 144.85, to block the waited negative release, while the stability of this support allows us to expect forming intraday bullish rebound to move towards 147.60 resistance followed by monitoring the price behavior due to the importance of this level to detect the next trend.

Therefore, we will expect the bullish bias in the near term period, noting that attempting to break the current support will push the price back to the main bearish track, expecting to suffer more losses that start at 143.30 and extend to 141.60.

Expected trading range for today is between 146.40 and 144.85

Expected trend for today: Bullish