- GBP/JPY retreats to 190.69, down 0.61%, missing the 194.00 psychological level.
- Uptrend signaled, with 190.75 support possibly curbing losses.
- Overcoming 191.00 resistance key to approach near 193.00 highs.
After reaching a 9-year high of 193.55, the GBP/JPY has retreated further below the 190.00 level, with buyers unable to sustain momentum beyond that point and instead targeting the 194.00 mark. Currently, the pair is trading at 190.69, reflecting a decline of 0.61%.
GBP/JPY Price Analysis: Technical outlook
Although experiencing declines, the GBP/JPY maintains an upward bias despite its recent losses. The convergence of the Tenkan and Kijun-Sen at 190.75 halted the pair’s descent, yet downside risks persist. Should sellers manage to push the exchange rate below this level, the pair could target the 190.00 threshold. Subsequent losses may lead towards the psychological level at 189.00.
On the contrary, the path of least resistance appears to be upwards, and a reclaim of the 191.00 figure could pave the way for further gains. The next resistance levels to monitor include today’s high at 192.23, followed by the 193.00 mark.
GBP/JPY Price Action – Daily Chart
GBP/JPY
