The GBP/JPY currency pair experienced a significant decline yesterday, moving away from the 191.90 resistance level and reaching 188.20. This decline has brought the pair to a new support level that may temporarily halt further downward movement.
Despite this potential pause, key technical indicators continue to signal bearish momentum. A decisive break below the current support level could confirm further bearish targets, potentially extending the decline towards 186.40 and 184.50. Conversely, if the support holds, the pair may experience mixed trading with a possible rally to test the 190.20 level before resuming the downward trend.
Today’s anticipated trading range is between 187.00 and 189.70.
Trend Forecast: Bearish
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