The GBPJPY pair continues to trade within a sideways range, maintaining its stability near the 182.40 level. However, it has not provided any new signals to alter the previously indicated corrective bearish trajectory. It’s important to note that remaining below the additional barrier at 183.50 is the primary factor sustaining short-term negativity, with potential targets at 181.20 and 180.60 in the near term.
On the contrary, a breakout above the mentioned barrier and maintaining levels above it would allow the price to reinitiate significant bullish attempts. This would set the stage for a robust rally towards key upside targets, initially at 184.30, followed by 185.50.
The projected trading range for today is between 183.30 and 181.20.
Anticipated Trend for Today: Short-term Bearish