The GBPJPY pair is still affected by the strength of the 129.60 support, which forces it to show clear sideways bias by settling around 131.20. We should note that the continuation of the support line stability might force the price to form a bullish rebound on the near- and mid-term basis to attempt to reach 134.30 followed by testing the 136.50 resistance. On the other hand, a decline below the current support will reinforce the negative domination for the upcoming trading and start recording new negative targets by reaching 125.60 followed by 120.90. Thus, we will suggest the bullish bias for today conditioned by the stability of the mentioned support. The expected trading range for today is between 134.30 and 129.60.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Overview
The GBPJPY pair is still affected by the strength of the 129.60 support, which forces it to show clear sideways bias by settling around 131.20. We should note that the continuation of the support line stability might force the price to form a bullish rebound on the near- and mid-term basis to attempt to reach 134.30 followed by testing the 136.50 resistance. On the other hand, a decline below the current support will reinforce the negative domination for the upcoming trading and start recording new negative targets by reaching 125.60 followed by 120.90. Thus, we will suggest the bullish bias for today conditioned by the stability of the mentioned support. The expected trading range for today is between 134.30 and 129.60.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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