There is no significant change in the GBPJPY pair since yesterday’s trading sessions, as it continues to move sideways, repeatedly stabilizing near the 214.80 level while attempting to gather additional positive momentum needed to challenge the resistance at 215.50.
We emphasize the importance of a breakout above the current resistance level and maintaining stability above it, as this would increase the chances of further gains starting from 216.10 and 216.65 respectively. On the other hand, failure to break out would strengthen the corrective bearish scenario, forcing the price to decline toward the support level near 213.50.
Expected trading range: between 214.00 and 216.00
Today’s forecast: Bullish
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