GBPJPY touches the first correctional target – Analysis – 6-10-2017

The GBPJPY pair completed forming correctional bearish trading to notice achieving the first target at 148.80, while the price is hesitant here due to the strength of the current support and settling below 50% Fibonacci correction level at 149.10, while the stability of the current support allows us to expect renewing the bullish attempts and target 149.10 followed by 151.60 levels.

On the other hand, the continuation on the negative pressures might force the price to resume the correctional bearish trend by declining below 147.80 level and target the moving average 55 around 145.10.

Expected trading range for today is between 147.70 and 149.10

Expected trend for today: Bullish