The GBPJPY currency pair finds itself under renewed downward pressure as it continues to trace negative patterns, testing the lower bounds of the minor bullish channel’s support line, currently hovering around 182.90. The current bearish sentiment stems partly from the stochastic oscillator’s attempt to enter oversold territory, signaling a temporary delay in the bullish momentum.
It’s worth noting that the persistent negative pressures, coupled with a tentative resistance level at 184.20, could potentially act as an additional barrier to further upward movement. This scenario increases the likelihood of a corrective bearish phase in the near and medium-term outlook. Traders should anticipate a potential descent toward support levels at 182.35 and 181.80 before any substantial upward momentum resumes.
In terms of expected trading ranges, market participants should keep an eye on a range between 183.35 and 182.35 for potential price movements. As of now, the anticipated trend for the day remains bearish, with traders closely monitoring developments in the GBPJPY pair.