The GBP/JPY pair continues to trade sideways, remaining under pressure beneath the 55-day moving average, which is currently acting as resistance at the 191.55 level. The pair is hovering near support at 190.50, with a lack of clear momentum in either direction.
Technical signals point toward increasing bearish pressure, as the stochastic oscillator exits the overbought zone—suggesting a potential break below current support. A decisive move below 190.50 could confirm a return to the bearish trend, opening the door for declines toward 189.70 and 188.60.
Conversely, to reestablish bullish momentum, the pair would need to breach the 191.55 resistance and hold above it. Such a breakout could drive gains toward 192.40 and potentially 193.15.
The expected trading range for today is between 190.50 and 191.55.
Trend forecast: Sideways
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