The GBPJPY activates the bearish track – Forecast – 23-11-2024

Economies.com

2024-11-23 08:06AM UTC

The GBPJPY pair confirmed its surrender to the domination of the bearish bias by providing frequent closings below 196.45 level, forming strong negative decline to achieve the previously suggested negative targets by touching 193.80 level.

The current correctional rebound towards 194.50 is caused by stochastic exit from the oversold areas, to expect forming some sideways trades until gathering the required additional negative momentum to target new negative stations that might start at 192.90 followed by reaching the additional support at 192.00.

The expected trading range for today is between 192.90 and 195.10

Trend forecast: Bearish