GBPJPY prepares to decline – Analysis – 8-9-2017

The GBPJPY pair confirmed keeping the bearish bias domination by providing new negative trading below the moving average 55, to settle around 141.40 as appears on chart, thus, we expect the continuation of the pressures to prepare to resume the negative attack that targets 23.6% Fibonacci correction level first at 140.30, while breaking this barrier will extend losses in the upcoming period towards 138.50 followed by 133.70.

Stochastic continues to fluctuate below 50 level to increase the chances of gathering additional negative momentum and start recording the waited negative targets.

Expected trading range for today is between 142.60 and 140.30

Expected trend for today: Bearish