GBP/JPY:Bearish Downtrend Persists with Potential Breakout Ahead
The GBP/JPY currency pair is currently trapped within a persistent bearish downtrend. Over the past few hours, there has been a formation of a bearish flag pattern, indicating a period of consolidation before a potential downward breakout. Traders are closely monitoring this pattern in anticipation of a break below the flag, which could signal a continuation of the prevailing downtrend. Consequently, traders are inclined towards establishing short positions in GBP/JPY, expecting further downward movement in line with the overall trend.
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