The GBP/JPY pair has initiated a response to negative factors, marked by the establishment of an additional barrier at 189.00 and signals of negative momentum in the stochastic indicators. This has prompted the commencement of a negative crawl, with the pair currently settling near 187.20.
The persistent resistance to downward pressures aligns with the previously suggested bearish scenario. Traders should remain attentive as the pair is expected to target the 186.55 level in the near term, representing the initial anticipated negative target. A breakthrough of this level could extend losses further towards 185.70, forming the next station for upcoming trading activities.
The expected trading range for today is projected to fluctuate between 187.70 and 186.55, with the prevailing trend indicating a bearish outlook. Traders are advised to monitor developments closely in light of the ongoing negative momentum in the GBP/JPY pair.