The GBPJPY pair has demonstrated a persistent decline, failing to reach the 23.6% Fibonacci correction level at 186.50. The lack of momentum to touch this level has prevented the stochastic indicator from benefiting from a decline towards the 20 level. This scenario was anticipated to initiate new bearish waves with a potential settling near 186.00.
The prevailing conditions affirm a commitment to the bearish scenario, aligning with previous expectations. The market is urged to remain vigilant for the emergence of new negative developments, with potential bearish stations likely starting at 185.70. Further bearish targets include reaching the 38.2% Fibonacci correction level at 185.00.
Traders are advised to monitor the trading range, which is expected to fluctuate between 186.25 and 185.00. The overall trend for the day is anticipated to be bearish, emphasizing the downward momentum in the GBPJPY pair.