
“The GBPJPY pair failed to close above the key barrier at 206.95, prompting the formation of corrective waves that brought the price down near 205.75, as shown in the chart above.
The stochastic indicator is attempting to exit oversold territory, which is likely to increase intraday bearish pressure and raise the probability of testing additional support at 205.20. A break below this level could push the pair further down toward 204.60 and 204.10. Conversely, renewed bullish momentum would require a positive close above 206.90, which would pave the way for the main upside targets at 207.70 and 208.25.
The expected trading range for today is 205.20 to 206.60.
Trend Forecast: Bearish”
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