The GBP/JPY currency pair is testing the 197.7 immediate support following the Pound Sterling decline in today’s trading session. The technical indicators suggest that the bearish momentum shall resume.
- The RSI (14) is heading toward the median line.
- The Awesome Oscillator bars are red, signifying the weakening of the bullish trend.
GBPJPY Forecast – 4-June-2024
From a technical standpoint, for the downtrend to resume, the bears must close below the immediate resistance at 197 pounds. If this scenario unfolds, the next support will be the 23.6% Fibonacci level at 195.5.
Bullish Scenario
Conversely, the uptrend will resume, and May’s all-time high will be tested at 200 pounds if the GBP/JPY price maintains its position above the immediate support at 197 pounds.
J.J Edwards is a finance expert with 15+ years in forex, hedge funds, trading systems, and market analysis.
