The currency pair falls after breaking a critical support trendline, with sellers driving momentum toward a potential test of 217.53.
GBP/JPY slipped below a key support trendline on Wednesday, trading at 218.16, down 0.05% as sellers gained control. The break opens the door for further declines after the pair retreated 150 pips from its yearly high of 219.61.
The Relative Strength Index (RSI) remains bullish but trends lower toward the 50-neutral level, signaling potential downside. A drop below the July 21 low of 217.53 could accelerate losses toward 216.60 and the 216.00 mark. Below that, the 50-day and 100-day SMAs at 215.09 and 214.12, respectively, may provide support.
Conversely, a rebound above 219.00 could retest the year-to-date high of 219.61 and the 220.00 psychological level.