GBP/JPY Price Forecast: Momentum cools as cross holds above key support
GBP/JPY trades broadly flat on Thursday after Wednesday’s modest pullback ended a four-day winning streak. At the time of writing, the cross trades around 216.45, with momentum indicators suggesting limited buying interest.
GBP/JPY maintains a mildly bullish bias on Thursday, as the cross holds above key support levels. The Japanese Yen (JPY) continues to remain weak due to concerns over Japan's fiscal outlook and low interest rates compared to other major economies. GBP/JPY is currently trading around 216.45, with momentum indicators suggesting limited buying interest.
Despite the Bank of England's cautious stance and reluctance to raise interest rates further, the cross is expected to remain in consolidation mode. The near-term support is found at the 50-day, 100-day, and 200-day Simple Moving Averages (SMAs), as well as the 61.8% Fibonacci retracement at 215.72. Traders should watch the Tokyo Consumer Price Index (CPI) data for potential direction on Friday.
Written by urgent.news from FXStreet's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
