The GBPJPY pair has effectively concluded its recent corrective decline, encountering the additional support level at 183.50. This development corresponds with the achievement of the previously anticipated targets, followed by a notable rebound that pushed the price towards the 184.60 mark.
Worth noting is the persistence of negative momentum signals within the stochastic indicator. This dynamic could potentially prompt the price to renew its intraday negative endeavors. As such, market observers are advised to remain watchful for a potential dip below the prevailing support level, which might initiate a movement towards the 182.75 level, followed by a potential test of the minor bullish channel’s support line at 181.85.
For the current trading session, the projected trading range is estimated to span between 185.10 and 183.00. The prevailing trend for the day is anticipated to lean bearish.