The GBPJPY pair didn’t settle above the support of the minor bullish channel at 198.70, forcing it to suffer deep losses by its decline to 195.35, facing the moving average 55 that supports the stability of 78.2%Fibonacci correction level as appears in the above image.

 

Noticing the beginning of forming bullish waves since this morning, but it couldn’t regain the bullish bias until surpassing the obstacle at 196.60, which allows it to resume the rise and achieve extra gains that might extend to 197.05 and 197.40, while the decline below 195.35 and holding below it will confirm its surrender to the bearish bias domination, which forces it to suffer extra losses by reaching 194.55.

 

The expected trading range for today is between 195.70 and 196.90

 

Trend forecast: Bullish