The GBPJPY pair touched the first additional negative target by reaching 188.68 followed by forming correctional bullish rebound to settle near 190.35, noting that the consolidation within the minor bearish channel and settling below 191.70 resistance line confirm the preparation to renew the negative attempts and repeat the pressure on 188.70 level, while confirming the break will push the price to reach the next negative target at 187.90.

 

On the other hand, breaching the mentioned resistance and settling above it will allow the price to build new bullish track to press on 50% Fibonacci correction level at 193.35.

 

The expected trading range for today is between 188.00 and 191.30

 

Trend forecast: Bearish