The currency pair remains flat at 215.17 as traders hesitate ahead of key resistance at the 50-day moving average.
The GBP/JPY pair closed Tuesday unchanged at 215.17, with buyers reluctant to challenge the 50-day Simple Moving Average at 215.43. This level is seen as the first hurdle before a potential retest of the year’s peak near 219.61.
Technical indicators suggest a standoff between bulls and bears, with the Relative Strength Index flat at the neutral 50 level. Resistance above 215.43 includes 216.00 and 216.50, while support lies at 215.00 and the 100-day SMA at 214.53.
Market sentiment remains cautious, with neither side fully committed to pushing the pair beyond current ranges. The 200-day SMA at 217.05 and August’s low of 211.47 remain key levels to watch.