FX.co ★ Daily analysis of GBP/JPY for September 29, 2017

Overview

Despite the lack of the bullish momentum with GBP/USD, we notice frequent positive closings above the initial support at 150.00. On the other hand, leaning on 50% Fibonacci correction level at 149.11 creates the main factor to block the price within the bullish range and form a solid barrier against any attempt to build a correctional bearish bias. Therefore, we will keep waiting until the pair gains momentum to surpass the previously recorded top at 152.80. Then, the pair could start recording new targets at 155.20 and 156.90. The expected trading range for today is between 150.00 and 152.80