The GBPJPY pair managed to decline towards 143.30 to test the support line represented by 23.6% Fibonacci level. The bullish scenario depends on the strength of this support to continue suggesting bullish attempts that target 145.45 followed by a further rally towards 148.45 top. We should note that the price attempts to decline below the current support will postpone the bullish bias and make the price to incur losses by moving towards 142.20 followed by 140.30. Thus, we should monitor the price behavior carefully to track any attempt to change the trend. The expected trading range for today is between 143.30 and 145.45
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Overview
The GBPJPY pair managed to decline towards 143.30 to test the support line represented by 23.6% Fibonacci level. The bullish scenario depends on the strength of this support to continue suggesting bullish attempts that target 145.45 followed by a further rally towards 148.45 top. We should note that the price attempts to decline below the current support will postpone the bullish bias and make the price to incur losses by moving towards 142.20 followed by 140.30. Thus, we should monitor the price behavior carefully to track any attempt to change the trend. The expected trading range for today is between 143.30 and 145.45
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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