The GBPJPY pair encountered substantial downward pressure yesterday, initiating bearish movements after breaking below the critical support level at 240.45, resulting in considerable losses as it reached 202.10.
Despite a subsequent rebound towards 203.25, the pair’s inability to stabilize above the resistance levels at 204.80 and 204.30 suggests the formation of additional barriers supporting the bearish scenario. Analysts anticipate further negative waves targeting 202.40, followed by a focus on the next major support level at 201.70.
Today’s expected trading range is anticipated to fluctuate between 204.00 and 202.40.
Trend Forecast: Bearish
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