GBP/JPY Price Forecast: sellers take control below 50-day SMA
The GBP/JPY retreats on Wednesday as the cross-pair fails to climb past 216.00 and fell beneath the 50-day Simple Moving Average (SMA) of 125.56. The cross-pair trades at 214.25 down 0.37%.
On Wednesday, GBP/JPY experienced a decline as it failed to surpass the 216.00 level and dropped below its 50-day Simple Moving Average (SMA) of 125.56. The currency pair is currently trading at 214.25, down 0.37%. Traders are observing a neutral bias, with the GBP/JPY remaining below the 50-day SMA, and are monitoring the 100-day SMA at 214.75, which could potentially trigger additional losses.
The next support levels are the 200-day SMA at 212.45 and the August 7 low of 211.47. The Relative Strength Index (RSI) suggests that sellers are gaining strength, indicating that bears are currently in control.
Should the GBP/JPY continue to strengthen, the first resistance level would be the April 10 high of 216.60, followed by 217.00. Additional resistance is present at the July 10 high of 218.69, and the July 15 high at 219.61. The table below displays the percentage change of the British Pound (GBP) against various major currencies for the day.
Notably, the GBP was the strongest against the US Dollar. The heat map illustrates the percentage changes of major currencies against each other. For instance, the percentage change between the British Pound and the US Dollar, represented by GBP/USD, is displayed in the corresponding box.
Markets analyst, news editor, and trading instructor with over 14 years of experience across various financial markets, provided the reported GBP/JPY price forecast.
Written by urgent.news from FXStreet's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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