Daily analysis of GBP/JPY for October 27, 2017

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Overview

Stochastic crawling below 80 level contradicted the GBPJPY pair's bullish attempts, to retest the initial support around 149.10, while the consolidation of this support around 50% Fibonacci correction level assists to reinforce the bullish bias domination and expect the attempt to gather new positive momentum to rally towards 151.60 level, while breaching this barrier will allow the price to record more targets that start at 152.80 followed by reaching 155.20. Note that breaking the current support will postpone the bullish rally on the intraday basis until testing the next support at 147.30, to keep its stability within the main bullish channel that appears on the chart. The expected trading range for today is between 149.10 and 152.85.

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