The GBPJPY pair surrendered this morning trading due to the stability of the resistance at 200.40, to form a strong obstacle against the attempt to return to the bullish channel’s levels, forming strong correctional decline and its stability near 198.77.

 

Stochastic attempt to exit the oversold level makes us expect renewing the correctional attempts, note that breaking 198.25 level will force it to suffer extra losses that might extend to 61.8%Fibonacci correction level at 197.55, while the stability above 198.25 will increase the chances for renewing the bullish attempts in the near period.

 

The expected trading range for today is between 198.25 and 199.60

 

Trend forecast: Bearish