GBPJPY has been moving sideways recently, fluctuating again above the support level at 208.10 while attempting to gather the additional negative momentum required to confirm the bearish continuation previously suggested.

 

Currently, with the Stochastic indicator slipping below the 50 level, the chances of confirming a break below the current support are increasing, which would open the way toward the next downside targets at 207.40 and 206.80, respectively. However, failure to break the support could force the pair into further mixed trading, with a potential retest of the resistance barrier near 210.45.

 

The expected trading range for today is between 206.80 and 209.30.

 

Trend forecast: Bearish