The GBPJPY pair has struggled to continue its downward momentum, despite trading within a bearish channel. The presence of additional support at 188.10 has led to a consolidation phase, with the pair fluctuating around the 189.00 level.
Given the current market conditions, we anticipate more sideways trading until the pair gains the necessary bearish momentum to break the existing support level. A successful break could pave the way for further declines, potentially targeting 186.90. However, if the price rallies above 189.75, the downward movement may be postponed, with the next resistance test occurring at 191.10, near the upper boundary of the bearish channel.
The expected trading range for today is between 187.00 and 189.70, with the overall trend forecast remaining bearish.
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