GBPJPY uptrend supported at 191.40The GBP/JPY currency pair shows a bullish sentiment, reinforced by the prevailing uptrend. Recent intraday price action indicates a corrective pullback toward the previous consolidation zone and the rising trendline support area.
Bullish Scenario:
The key trading level to watch is 191.40, which represents the previous consolidation range. A successful bullish bounce from this level could target the 195.00 resistance, with potential continuation toward 195.66 and 198.30 over the longer timeframe.
Bearish Scenario:
However, a decisive break below 191.40 with a daily close below this level would invalidate the bullish outlook. This would signal a potential shift to a bearish trend, with downside targets at 189.65 and, subsequently, 187.00.
Conclusion:
The bullish sentiment remains intact as long as 191.40 holds as support. Traders should look for bullish confirmation at this level to sustain upward momentum. A break below 191.40 would indicate a deeper retracement and potential trend reversal.
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