GBP/JPY Price Forecast: SMA resistance stalls bulls near 213.00
The GBP/JPY falls by about 0.22% as the US Dollar strengthens on hawkish comments from Federal Reserve (Fed) officials, boosting safe-haven currencies like the Japanese Yen against the Pound Sterling. The cross trades at 211.78.
The GBP/JPY pair experienced a decline of approximately 0.22% as the US Dollar gained strength following hawkish remarks from Federal Reserve officials, bolstering safe-haven currencies like the Japanese Yen relative to the Pound Sterling. Currently trading at 211.78, the cross exhibits a technical trend where it stays below the key 100- and 200-day Simple Moving Averages (SMAs) of 212.93 and 213.03, respectively.
Although momentum remains bullish, buyers are faltering as the Relative Strength Index (RSI) declines. For the currency pair to continue its upward trend, the first resistance level for GBP/JPY is the 212.93-213.03 range. Clearing this zone would reveal a resistance trendline near the 213.20 level. The next focal point is the 214.00 mark, followed by the August 25 high of 217.48.
Conversely, the initial support rests at last Friday's low of 211.19. If surpassed, the next target is the 50-day SMA at 210.03, succeeded by the October 23 swing low of 209.13.
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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