FX.co ★ Daily analysis of GBP/JPY for July 25, 2016

Overview

The GBPJPY pair provided a new positive close above the main support line extension at 136.20 besides the additional barrier formed by 23.6% Fibonacci level around 137.00 against the bullish attempts. A breach of the 142.30 level will confirm the attempt to resume the bullish attack and begin recording the awaited targets that start at 144.00 followed by 146.15. The lack of the bullish momentum – especially given stochastic approach from 20 levels - supports the sideways domination for the near term until succeeding to gather new bullish momentum to increase the chances of breaching the mentioned barrier. The expected trading range for today is between 137.00 and 142.00.