Despite the GBPJPY pair forming some bullish waves and settling near 203.50, the previously suggested negative trend remains intact. This is due to the persistent stability below the 204.40 resistance line and the strong additional barrier at the 204.80 level.
As a result, we anticipate reacting to the negativity of the major indicators, expecting the pair to form new bearish waves. This would push the price to crawl below 202.85 and target the next main station at 201.70.
The expected trading range for today is between 204.00 resistance and 202.00 support.
Trend Forecast: Bearish
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