GBP/JPY is currently experiencing a pullback within an established short-term downtrend. The currency pair has been on a downward trajectory, with the British pound weakening against the Japanese yen.
Traders are closely monitoring the price action of GBP/JPY, looking for potential entry points to capitalize on the downward movement. The pair is expected to continue its downward momentum in the short term, as the overall trend remains bearish.
Technical indicators suggest that GBP/JPY may find support at key levels, but the overall bias is still bearish. Traders should exercise caution and closely monitor price movements to identify potential trading opportunities.
In conclusion, GBP/JPY is pulling back within an established short-term downtrend. Traders should be cautious and look for potential entry points to capitalize on the downward movement of the currency pair.