GBPJPY achieved the initially suggested bearish targets during Friday’s trading, reaching 208.00 before forming some sideways trading as the 208.10 level continues to act as important support against further declines.

 

We recommend waiting for confirmation of the break, with a negative close below 208.10. This would strengthen the chances of targeting additional bearish levels, starting at 206.80 and extending toward 205.00 over the medium term. Meanwhile, the risk of a trend reversal and the beginning of a bullish move would require a strong positive surge that enables the price to stabilize above 210.45.

 

The expected trading range for today is between 207.00 and 209.30

 

Trend forecast: Bearish