The current price of the GBP/JPY currency pair shows a tendency to continue rising. This strengthening signal is supported by the formation of a double bottom pattern, which is a classic technical pattern of reversal from a downtrend to an uptrend.
In addition, the confirmation of the bullish candlestick pattern shows that the buying power is still quite strong, indicating a potential continuation of the uptrend in the short term. As long as the price stays above the support area and there is no significant selling pressure, the bullish bias is still valid.
Recommendation:
- Buy GBP/JPY
- Entry: 197.400
- Take Profit 1: 197.800
- Take Profit 2: 198.200
- Stop Loss: 197.000
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