The GBPJPY pair touched 196.30 level, to face a strong obstacle against the attempts of resuming the bullish attack, which forces it to form a strong bullish rebound, to settle below the extra support at 194.20, announcing its surrender to the bearish correctional bias domination again.

 

The stability below the broken extra support and providing negative momentum by stochastic will increase the chances for suffering extra losses that might extend to 193.10 reaching to 192.45, while regaining the bullish bias requires a positive close above 195.35 level, reinforcing the chances for breaching the mentioned barrier and moving to a new positive station.

 

The expected trading range for today is between 193.10 and 194.90

 

Trend forecast: Bearish