The currency pair rises over 0.14% as technical momentum shifts, with traders eyeing a key resistance zone near 217.50.
The GBP/JPY cross climbed above its 50-day Simple Moving Average at 215.52, marking a technical breakout that traders view as a bullish signal. The pair reached a ten-day high of 216.16 but struggled to hold above 216.00, trading near that level early Tuesday.
Momentum indicators, including a bullish but flattening Relative Strength Index, suggest consolidation before a potential upward move. Analysts see resistance near 217.50, with further targets at 217.00 and the July 9 high of 218.01. Support lies at the 100-day SMA of 214.65 and the 200-day SMA at 212.32.
The Japanese Yen remains influenced by Bank of Japan policy, yield differentials, and risk sentiment, while the pound’s trajectory depends on broader market dynamics and economic data.