The GBPJPY currency pair has continued its bearish trend, confirming its surrender to the negative bias with a significant drop below the previous target of 197.70. The pair recently touched a low of 196.25 and is currently experiencing some sideways movement, influenced by the stochastic indicator’s attempt to exit oversold conditions.
Despite this minor consolidation, the overall trend remains bearish. The 197.70 level is now seen as a critical resistance barrier, with further declines anticipated. The next main target for the bearish trend is expected to be 195.45.
The expected trading range for today is between 197.40 and 195.45.
Trend Forecast: Bearish
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