The currency pair consolidates around 213.60, down 0.09%, as technical levels cap near-term moves amid cautious sentiment.
The GBP/JPY pair trades nearly flat at 213.60, trimming earlier losses but remaining 0.09% lower on the day. Market participants show caution amid mixed sentiment, with price action trapped between critical moving averages.
The pair consolidates after last week’s 0.21% decline, with the 100-day Simple Moving Average (SMA) at 212.62 acting as downside support and the 50-day SMA at 213.87 capping gains. The Relative Strength Index (RSI) signals near-term selling pressure, though higher highs and lows suggest potential upside.
A break above 214.00 could target the June 15 high at 215.62, followed by the year-to-date peak of 216.61. Downside risks include a drop to 213.00, with further support at the 100-day SMA.