The GBPJPY pair has once again intensified its bearish momentum, applying significant downward force on the critical support line at 179.00. This move signals a potential continuation of the previously indicated negative trend. Key indicators further emphasize this negative momentum, increasing the likelihood of breaking the support and paving the way for achieving bearish targets. Initial targets are situated at 178.10, followed by a more extensive support level at 176.70.
However, in the event of a failure to breach the support, a scenario of sideways fluctuations in the near term might be activated. This would imply an upward rally towards 180.55, with further attempts to challenge the robust MA55, currently acting as a formidable barrier at 182.00.
The projected trading range for the day is expected to oscillate between 180.00 and 178.10.
Anticipated Trend for Today: Bearish