The GBPJPY pair has struggled to confirm a breach above the 191.90 barrier, leading to a decline towards 190.30, where it has settled. Stochastic indicators are providing negative momentum, potentially increasing the bearish pressure and pushing the price towards the 38.2% Fibonacci retracement level at 189.10. A break below this level could open the path for further declines, targeting 187.75.
Conversely, a recovery above 191.90 would negate the bearish outlook and shift the trend towards bullish, potentially extending gains to 193.30 and 194.60.
The expected trading range for today is between 189.10 support and 191.40 resistance.
Trend Forecast: Bearish
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