GBP/JPY Price Forecast: Bulls hold 217.00 after trendline break
The GBP/JPY surpassed a downtrend resistance line and reclaimed the 217.00 level on Tuesday, as the Japanese Yen weakened while Sterling pushed to a new three-week high at 217.48. At the time of writing, the cross-pair trades at 217.31, up 0.20%.
The British Pound against the Japanese Yen (GBP/JPY) broke above the 217.00 resistance level on Tuesday, following a downtrend. The Japanese Yen weakened while the British Pound surged to a new three-week high of 217.48. At the time of writing, the GBP/JPY traded at 217.31, rising 0.20%. The Relative Strength Index (RSI) indicates that buyers are gaining momentum, but the cross-pair is moving higher at a slow pace, suggesting a potential sudden reversal.
For a bullish continuation, GBP/JPY must surpass 217.20. A breakout above 217.20 would mark the next target at 218.00, followed by the July 30 high of 218.69. Should the price fall below 217.00, support would be found at the same level. Additional support levels include 216.50 and 216.00, with the 50-day Simple Moving Average (SMA) at 215.72 and the 215.00 mark next.
A bearish move could open the door for the 100-day SMA at 214.98. The Japanese Yen was the strongest against the US Dollar today, with percentage changes against major currencies displayed in a heat map. Analysts suggest monitoring US inflation data and Q2 GDP revisions for further market movement.
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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