The GBPJPY pair encountered notable downward pressure on the last trading day, leading to a breach below the 186.25 level. A double bottom pattern emerged, with the pair experiencing some losses and touching the 185.50 level.
Despite the general stability within the established bullish channel, the consistent negative closes below 186.25 and the emergence of negative momentum according to major indicators indicate a resurgence of corrective bearish sentiment. This raises the likelihood of a decline towards the 185.20 level in the near term, with potential further downside to reach the support line of the bullish channel at 184.85.
Expected Trading Range: The expected trading range for the current session is anticipated to be between 186.10 and 185.20.
Overall Trend Outlook: The overall trend for today is expected to be bearish as the pair faces renewed downward pressures, potentially delaying the previously anticipated bullish rally. Traders are advised to closely monitor price movements and key support levels for additional insights into the evolving market dynamics.