FX.co ★ Daily analysis of GBP/JPY for December 27, 2017

Overview

The GBPJPY pair was forced to provide sideways trading recently due to the contradiction of the major indicators, as stochastic fluctuates below 50 level, while the moving average 55 settles below the current price. Consolidation within the bullish channel besides the stability of the initial support at 150.00 allows us to continue suggesting the bullish bias domination that targets 152.85 followed by 154.20. On the other hand, the price attempt to crawl below the initial support will confirm postponing the bullish rally and move to suffer losses that start at 148.25 followed by 146.60 to test historical support as appears on the above chart. The expected trading range for today is between 150.60 and 152.85