The GBP/JPY currency pair has struggled to maintain its position above the 50% Fibonacci retracement level at 194.20, resulting in a sharp decline that has seen the pair reach 190.00.
Currently, the pair is facing additional pressure as it closes below the 191.80 barrier. Key indicators are signaling negative momentum, reinforcing the bearish outlook. It is anticipated that the pair will target the 189.10 level in the near term. A break below this level could extend losses further towards 188.00 and 186.80.
The expected trading range for today is between 189.10 and 191.40.
Trend Forecast: Bearish
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