Forest were flying when they burst Wednesday’s early-season bubble with a 1-0 win at the end of August, but they head into today’s game down at heel after just two wins in 19 games to pile the pressure on Stuart Pearce.
Gray believes Forest will come good again, although his prime concern is continuing the Owls’ upward trajectory towards the top six.
He said: “They are in a little bit of a blip at the moment.
“But things can quickly change in football. People keep saying they have lost a lot of confidence, but they have got a great squad.
“It will not too long before it clicks again for Forest and one thing you know about them is that once they start, they can go on an unbeaten run because of the depth of their squad.
“But I am more concerned about us. We are six points off the play-offs and have got a great opportunity to go there and get a win and push us up the league.”
Potential takeover developments, not for the first time, have claimed the headlines this week, with a Thai consortium reportedly in advanced talks to buy the club from Milan Mandaric.
With the abortive takeover from Hafiz Mammadov fresh in many people’s minds, many are awaiting on a resolution before passing comment, with Gray remaining phlegmatic.
He added: “When Mr Mammadov was supposed to be coming in, you suddenly thought you might be looking at a different type of player because your budget is bigger.
“But I’ve been in the game long enough. I will wait until it happens and won’t get over-excited or disappointed if it doesn’t happen.”