The GBPJPY pair initiated a fresh bullish wave in the preceding session, renewing pressure on the additional resistance level of 186.75. However, the pair settled below this level, thereby maintaining the prospects of activating the previously anticipated correctional bearish trajectory.
Furthermore, the stochastic indicator is showing signs of attempting to exit the overbought territories. This potential movement may amplify the likelihood of accumulating negative momentum, thereby facilitating the potential for profit-taking and a subsequent decline towards the correctional levels positioned at 184.85 and 184.00. The realization of this scenario is contingent upon the price’s ability to persistently remain below the aforementioned resistance.
In terms of the anticipated trading range for today, the lower limit of support is expected around 185.20, while the upper threshold of resistance could be encountered near 186.80.
In conclusion, the prevailing trend for today’s GBPJPY pair appears to be leaning towards a bearish sentiment.