For GBP/JPY, the potential bullish bounce scenario is as follows:
Description: The chart indicates a potential bullish bounce, with significant support identified at two levels.
Support Levels:
The 1st support level is at 190.07, characterized by an "Overlap support." This level suggests a historical area where the price has retraced before continuing its upward movement.
The 2nd support level is positioned at 188.15, noted as a "Pullback support." This level represents a historical zone where price has found support, coinciding with previous price action.
Resistance Levels:
The 1st resistance level is observed at 191.31, designated as a "Pullback resistance." This level indicates a historical barrier where the price has encountered selling pressure after reaching previous swing highs.
The 2nd resistance level is located at 192.81, recognized as a "Pullback resistance." Like the 1st resistance, it represents another historical level where the price has struggled to move above due to selling pressure.
