The GBPJPY pair has once again succumbed to bearish market sentiment, experiencing a downturn influenced by the resilience of the additional barrier positioned at 181.85. This negative trajectory is further fueled by the substantial downward momentum registered by major indicators, compelling the currency pair to gravitate towards the 179.90 mark.
Market analysts project a continuation of the prevailing negative pressures, forecasting a decline towards 179.40 in the immediate future. A subsequent move towards the extended support level at 178.85 is anticipated, with a decisive breach of this support serving as confirmation for a transition into a new bearish trajectory. Such a development could lead to significant losses in the forthcoming period, with an expected descent towards 178.15, followed by a potential drop to 176.70.
The envisaged trading range for the current day is expected to fluctuate between 181.20 and 179.40, signifying the importance of monitoring these levels for traders. The overall trend for today is anticipated to be bearish, underscoring the need for caution among market participants navigating the GBPJPY landscape.