The GBPJPY currency pair has approached its initial bearish target at 180.45, compelling it to initiate a corrective rebound during this morning’s trading session. This correction comes as a result of its requirement for a renewed negative momentum, with an objective of reaching the 182.30 level.
Sustained consolidation below the key resistance barrier at 183.50 reinforces the likelihood of the negative scenario prevailing in upcoming trading sessions, as we anticipate the activation of further bearish attempts, initially targeting the 181.50 level, and subsequently setting sights on the moving average 55 at 180.25.
Today’s Expected Trading Range and Trend
The projected trading range for the current day is estimated to fluctuate between 182.85, serving as a resistance level, and 181.50, providing support. The anticipated trend for today continues to be bearish, reflecting the currency pair’s desire for a renewed negative momentum in the GBPJPY market.
Market participants are encouraged to closely monitor these developments as they shape their strategies and positions in response to the evolving dynamics within the GBPJPY market.