The currency pair recovers from a bearish weekly gap, supported by the 100-day SMA, but struggles to extend gains above 213.00.
The GBP/JPY cross climbed early Monday, filling a modest weekly bearish gap as buyers stepped in near the 100-day Simple Moving Average (SMA). The pair currently trades just below the mid-213.00s, lacking follow-through momentum after the initial rebound.
The recovery follows a gap lower at the start of the week, with the 100-day SMA acting as a key technical support level. Prior sessions saw the pair oscillate around 213.00, with limited directional conviction amid broader JPY weakness.
Spot prices remain steady in early European trading, though upside potential appears constrained below the mid-213.00s range.