Overview
The GBP/JPY pair failed to breach the moving average 55 level which forms an obstacle at 140.30 for further rally. The chart above shows us the stability of the price above the support at 138.75. Therefore, we expect formation of the intraday sideways fluctuation until the pair gathers bullish momentum and manages to surpass the moving average 55 and reach the waited positive targets at 141.40 and 142.50. If the price declines below 138.75, it will come under negative pressure again and move lower towards 137.60 at first and then to 136.40. The expected trading range for today is between 138.80 and 141.40.
