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On Thursday, the GBP/JPY pair is regaining upward momentum and shows readiness for further growth. The formation of an ascending channel confirms the stability of the bullish trend.
During the Asian session, buyers became more active near the 198.40–198.35 level, helping to contain a minor corrective pullback from the yearly high reached earlier. The pair is currently hovering around the psychological level of 199.00 and maintains a bullish bias.
Over the past two months, the pair has been moving within an upward-sloping channel, indicating steady growth. Oscillators on the daily chart remain in positive territory and are far from overbought conditions, which supports the positive outlook and suggests a continued advantage for buyers.
In the near term, a retest of the yearly high near the 200.00 level is likely. A decisive breakout above this level would serve as a strong bullish signal and could lead to a continuation of the three-month uptrend.
On the other hand, support in the 198.40–198.35 level (Asian session low) is currently preventing a deeper pullback toward the 198.00 level. A break below this zone could trigger technical selling, opening the way toward the next support area around 197.15–197.10. If weakness persists, a further decline could extend toward the intermediate support at 196.50 and then toward the lower boundary of the channel near the psychological level of 196.00.
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