The GBP/JPY currency pair is currently showing strong bullish potential. The upward movement is supported by a rising trendline, indicating a continuation of the bullish market structure.
In addition, the presence of a double bottom pattern strengthens the case for a reversal from bearish to bullish momentum. A further boost comes from the formation of a swing high, suggesting that price may attempt to break above recent resistance levels.
As long as price holds above key support and no major selling pressure arises, the bullish scenario remains valid.
Recommendation:
- Buy GBP/JPY
- Entry: 197.450
- Take Profit 1: 197.850
- Take Profit 2: 198.250
- Stop Loss: 197.050
*DISCLAIMER: All content in daily forex news is informative. PT. Maxco Futures does not guarantee its accuracy and completeness. The company is not responsible for investment losses due to the use of the information contained.
