The GBPJPY pair opened today’s trading negatively, attempting to reach below the main support at 187.50, to hit 186.10, then bounces again to settle above the support again.

 

Note that the continuation of providing negative momentum by the main indicators will increase the chances for confirming breaking the current support, to reinforce its move to a new negative station, which allows it to target 184.90 level, reaching 50% Fibonacci correction level at 181.80, therefore, we recommend waiting for confirming the break to avoid any losses that might be caused by the price bullish correctional rebound before reaching the extra negative targets.

 

The expected trading range for today is between 184.90 and 189.80

 

Trend forecast: bearish by confirming the break