The GBP/JPY currency pair has witnessed a recent loss of positive momentum as the stochastic indicator sharply dipped below the 50 level. This shift has prompted a delay in the bullish rally, with the pair sliding below the critical support level at 181.80 and reaching 181.20.
It is anticipated that a mixed trading environment will persist, despite the primary stability within the established bullish channel. It is essential to keep a close eye on price behavior, as continued negative closes below 181.80 could heighten the risk of further losses. In such a scenario, the pair might extend its decline towards 180.60 and 179.60.
For today’s trading outlook, the expected range is positioned between 182.10 and 180.60. The prevailing trend for the day is bearish in the short term, pending further developments in the market.