GBP/JPY Technical Outlook: Holds 218 Support, Bulls Target 219 Breakout

The GBP/JPY has been trending for a third consecutive day, with a bullish harami pattern suggesting further upside, though concerns about potential Japanese intervention are limiting the pair’s upside. The pair is currently trading at 218.17, unchanged.

GBP/JPY Price Forecast: Technical outlook

The GBP/JPY held a floor near 218.00, preventing sellers from pushing the pair lower despite having broken a key support trendline three days earlier. This weakness is attributed to speculation that the Bank of England may consider raising rates, which could provide additional upside potential.

Conversely, the pair has struggled to break above 219.00, as market participants speculate about possible Japanese Yen intervention aimed at strengthening the yen.

For the pair to sustain a bullish trend, it must surpass the 219.00 level and the year‑to‑date high of 219.61. Breaching these levels would open the next target at 220.00.

On the bearish side, a break below the July 21 low of 217.53 would allow bears to test the 216.60 level, which represents the April 30 daily high now acting as support.

Pound Sterling Price Today

The table below displays today’s percentage changes for the British Pound against major currencies. The pound showed the greatest strength against the New Zealand Dollar.

USDEURGBPJPYCADAUDNZDCHFUSD0.31%0.45%0.43%-0.02%0.43%0.77%0.32%EUR-0.31%0.15%0.15%-0.34%0.12%0.48%0.00%GBP-0.45%-0.15%0.00%-0.50%-0.03%0.34%-0.15%JPY-0.43%-0.15%0.00%-0.45%-0.01%0.34%-0.13%CAD0.02%0.34%0.50%0.45%0.44%0.80%0.33%AUD-0.43%-0.12%0.03%0.01%-0.44%0.35%-0.10%NZD-0.77%-0.48%-0.34%-0.34%-0.80%-0.35%-0.49%CHF-0.32%-0.00%0.15%0.13%-0.33%0.10%0.49%

The heat map illustrates the percentage changes of major currencies relative to one another. The base currency is listed in the left column, and the quote currency appears in the top row; for instance, selecting British Pound in the left column and moving to US Dollar shows the GBP/USD percentage change.

Source link