gbp is showing bullish momenting

7 hours ago

GBP/JPY is showing bullish momentum, with a buy signal identified at 191.970. The first target level is set at 193.034, followed by 194.521 and 195.108, which align with key resistance zones. Traders should place a stop loss at 190.690 to manage potential risks and ensure protection against a sharp reversal. This setup suggests an uptrend as the pair moves toward higher resistance levels, supported by improving market sentiment and strengthening demand for the British pound. Additionally, the pair is benefitting from positive economic data in the UK, while the Bank of England's stance on interest rates continues to favor a stronger pound against the yen