The GBP/JPY pair has recently succumbed to stochastic indicators displaying negativity, leading to the formation of fresh downward movements. These developments have raised concerns regarding the stability of the minor bullish channel’s support line, currently positioned at 182.75. The forthcoming scenario hinges on the resilience of this current support.
If the support holds firm, we can anticipate renewed attempts by the pair to secure additional gains, with potential rallies towards the 184.20 and 185.30 levels.
However, persistent downward pressures may result in the breach of the current support, indicating preparations for the activation of a correctional bearish trajectory. In this case, we may expect significant losses as the pair moves towards the 181.80 and 180.55 levels.
The expected trading range for today is situated between 182.80 and 184.00.
Anticipated trend for today: Bullish