GBP/JPY Bullish above 189.14 level

Key Trading Level: 189.14

Bullish Scenario:
The overall sentiment remains bullish, supported by a breakout above the longer-term prevailing downtrend. The recent price action suggests an oversold consolidation, potentially retesting the breakout zone at 189.14. A bullish reversal from this level could reinforce the uptrend, targeting 190.60 as the next resistance, followed by 191.75 and 192.52 if upward momentum continues.

Bearish Scenario:
A confirmed loss of the 189.14 level and a daily close below it would invalidate the bullish outlook, signaling a potential reversal. In this case, downside targets include 187.93 as the first support level, with further declines extending toward 187.24 and 186.50 if selling pressure intensifies.

Conclusion:
The 189.14 level is a key pivot point for the next move in GBP/JPY. A successful retest and rebound could sustain the bullish trend, while a breakdown below this level would shift momentum in favor of the bears. Traders should closely watch price action around 189.14 for confirmation of the prevailing trend.


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