The GBPJPY currency pair has resumed its corrective bearish movement, successfully reaching the initial negative target at 182.35. This level is currently acting as a short-term obstacle against further declines, prompting a temporary rebound towards the 182.80 region.
To further support the bearish momentum, traders will closely watch the 183.50 level, which serves as an additional resistance barrier. It’s important to note that the stochastic indicator continues to fluctuate near the 20 level, providing the price with an added dose of negative momentum. This increases the likelihood of targeting new downside levels in the medium-term, possibly extending towards 181.80 and eventually 180.90.
For today’s trading, the expected range is anticipated to fall between 183.30 and 181.80, with the overall trend remaining bearish.