The GBP/JPY price analysis shows that despite consolidation, bulls are still in control. The market is currently in a phase of sideways movement, but the overall trend remains bullish. Traders are closely monitoring the situation, looking for signals of a potential breakout.
The GBP/JPY pair has been trading in a range-bound manner, with support at one level and resistance at another. This consolidation phase is a common occurrence in the forex market, as traders take a breather before deciding on the next move.
Despite the consolidation, bulls are still holding on to control, indicating that there is still buying interest in the market. Traders are looking for any signs of a breakout above the resistance level, which could signal a continuation of the bullish trend.
Overall, the GBP/JPY price analysis suggests that the market is still in a bullish phase, with bulls retaining control despite the current consolidation. Traders are advised to closely monitor the situation and look for potential opportunities to capitalize on any breakouts in the market.