GBP/JPY advance stalls around 215.70, then retreats to 215.00 as risk appetite deteriorates amid Middle East headlines, leaving traders uncertain about the conflict's outcome. The cross trades at 215.06 at the time of writing.
GBP/JPY Price Forecast: Technical Outlook
The GBP/JPY is consolidating for the second straight day, suggesting that further gains are off the table, with the psychological 216.00 level not yet tested. Worth noting that every upside move towards the latter was rejected, with the 214.00 figure capping downward moves.
Momentum is bullish, as depicted by the Relative Strength Index (RSI), though moving gradually towards its 50 neutral level.
If GBP/JPY closes daily below 215.00, the potential to test the April 17 swing low of 214.00 increases. On further weakness, the next support would be the 20-day Simple Moving Average (SMA) at 213.35, followed by the 50-day SMA at 211.98.
On the other hand, if GBP/JPY registers a new yearly high above 215.91, the chance of clearing 216.00 increases.
GBP/JPY Price Chart – Daily
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