The currency pair retreated 0.34% to 218.80 as the yen regained ground following an 18-year high at 219.62.
The GBP/JPY cross fell 0.34% to 218.80 on Thursday after reaching an 18-year high of 219.62 the prior day. The yen’s modest rebound triggered the pullback, though the broader uptrend remains intact.
The pair failed to break above the psychological 220 level, which analysts say could have extended gains. Momentum indicators, including the Relative Strength Index, remain bullish but show signs of cooling before entering overbought territory.
Key resistance sits at 219.00, with a break above targeting 219.61 and 220.50. Support levels include 218.00 and 216.60, the latter marking the April 30 high-turned-support zone.