The cross-pair falls 0.21% to 213.11, testing the 100-day SMA at 212.79 amid renewed Yen demand.
The GBP/JPY pair declined 0.21% during Thursday’s North American session, trading at 213.11 after peaking near 214.06. The move reflects a broader Pound Sterling depreciation despite the Bank of England holding interest rates steady.
Technical indicators suggest further downside, with the Relative Strength Index (RSI) at 41.68 and momentum favoring sellers. Key support lies at the 100-day Simple Moving Average (SMA) at 212.79, followed by the May 18 low of 211.26. Resistance is seen at the 50-day SMA at 214.25.
The Yen has outperformed the Pound this week, contributing to the cross-pair’s weakness as traders eye a potential break below critical support levels.