GBP/JPY: Touches The First Target

The British pound managed to touch the retest target published during the previous analysis, at 153.50, recording its highest level during the early trading of the current session, 153.48.

Technically, the pair’s success in building a support floor of 152.80 and the price stability above the 50-day moving average increases the possibility of witnessing more rise in the coming hours.

Therefore, the bullish bias is likely today, targeting 153.60 first target, knowing that its breach is a catalyst that enhances the chances of an intraday rise to visit 154.00. Only below, the return of trading stability below the mentioned support level at 152.70 leads the pair to the downside path again, paving the way to visit 152.30 and 152.00.

S1: 152.80	R1: 153.60
S2: 152.30	R2: 154.00
S3: 151.90	R3: 154.50