The GBPJPY pair ended its last bullish rally by recording the target at 206.90, facing strong barriers to push it to activate the attempts of gathering the gains by reaching 204.30, to provide some sideways trading by its fluctuation near %2.00 Fibonacci extension level at 205.20.

 

Note that stochastic exit from the overbought level might force the price to resume the bearish corrective attempts, to renew the pressure on 204.20 level, then wait for testing extra support at 203.75. 

 

The expected trading range for today is between 204.30 and 205.70

 

Trend forecast: Bearish