The GBP/JPY 4-hour chart shows a strong bullish trend that propelled the pair from 190.50 support in early May to peaks near 196.50, followed by a healthy consolidation phase around the 192.00-194.00 range. This sideways price action has allowed momentum to reset while maintaining the underlying upward structure, with the pair successfully holding above key support at 192.00. The current positioning near the upper boundary of the consolidation range, combined with signs of renewed buying interest, suggests the correction is nearing completion. The technical setup favors a bullish breakout, with the higher probability scenario pointing toward a resumption of the uptrend targeting the previous high around 196.50 and potentially extending toward the 197.00 resistance zone.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.