The currency pair holds above 218.00 amid Bank of England tightening speculation but faces resistance near 219.00 due to yen intervention risks.
The GBP/JPY pair remains steady at 218.17, marking its third consecutive day of consolidation. A bullish harami pattern suggests potential upside, though Japanese authorities’ intervention threats limit gains.
Technical levels show support at 218.00, with resistance at 219.00 and the year-to-date high of 219.61. A break above could target 220.00, while a drop below 217.53 may test 216.60 support.
Market sentiment is split between expectations of a Bank of England rate hike and concerns over yen strength interventions.