The GBPJPY pair touched the first negative target at 140.90, which forms an extension to historical support, colored by red on the chart, this support line strength forced the price to form bullish rebound to attempt to regain the bullish bias by pressing on the broken bullish channel’s support at 143.15.
This factor makes the price hesitant, to stay neutral today and wait the next daily close to detect the right targets for the upcoming period, noting that the stability above 143.15 will confirm the preparation to form strong bullish attack and press on the moving average 55 at 145.50, while surpassing it might extend trades towards 147.70.
Expected trading range for today is between 143.80 and 141.60
Expected trend for today: Neutral