The currency pair remains range-bound with bullish momentum stalling as technical indicators suggest a possible pause in trends.
The GBP/JPY cross-pair traded near 216.00 on Tuesday, showing little movement as buyers and sellers failed to break key levels. The pair oscillated between 215.85 and 216.22, reflecting indecision in the market.
Technical indicators point to a neutral to upward bias, though recent interventions by U.S. and Japanese authorities have tempered fresh positioning. The Relative Strength Index (RSI) remains bullish but has flattened, hinting at potential consolidation ahead. Resistance is seen at 217.00, with further hurdles at 217.50/65 and the July 9 high of 218.01.
Downside risks emerge if the pair falls below the 50-day SMA at 215.56, with support levels at the 100-day SMA (214.71) and 200-day SMA (212.35).