The GBPJPY pair recently achieved the previously indicated positive targets, reaching 188.65, where it encountered a substantial barrier. This led to a swift correctional rebound, with the pair touching the 187.60 level.
Despite the overall stability within the bullish channel, the persistent fluctuation below the mentioned barrier introduces a potential threat to the current bullish trajectory. A scenario of new correctional bullish waves targeting 187.05 is anticipated unless a decisive breach of the barrier occurs, holding above it and paving the way for a resumption of the bullish momentum. In such a case, the next positive target stands at 189.10.
The anticipated trading range for today is expected to be between 188.35 and 187.10.
The prevailing trend for today is perceived as bearish, pending further market developments.