GBP/JPY trades fluctuating on Wednesday, with three consecutive days of gains as market sentiment remains neutral, if somewhat confident, amid high tensions in the Middle East. As a result, the British Pound (GBP), a risk-sensitive currency, gained moderate appreciation and the cross pair remained above the 215.00 level for the second day in a row.
GBP/JPY Price Forecast: Technical Outlook
From a technical perspective, the uptrend appears overextended and GBP/JPY could stall unless a clear catalyst pushes the crossover beyond the yearly high at 215.91, ahead of 220.00.
Momentum as measured by the Relative Strength Index (RSI) is trending lower, indicating that buyers are losing traction.
If GBP/JPY reaches 220.00, the next resistance will be the December 2007 high of 230.37. A break of the latter will reveal the October 2007 high at around 241.39.
On the other hand, if GBP/JPY falls below 215.00, the next demand zone will be Tuesday’s low at 214.41. In case of further weakness, the next support will be the April 17 daily low of 214.00, ahead of the 20-day uncomplicated moving average (SMA) of 213.25.
GBP/JPY price chart – daily
Sterling price this week
The table below shows the percentage change in the British Pound (GBP) against the major currencies traded this week. The British pound was strongest against the Japanese yen.
| USD | EUR | GBP | JPY | BOOR | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.24% | -0.18% | 0.40% | -0.16% | -0.52% | -0.79% | 0.34% | |
| EUR | -0.24% | -0.41% | 0.13% | -0.38% | -0.72% | -1.07% | 0.10% | |
| GBP | 0.18% | 0.41% | 0.56% | 0.02% | -0.32% | -0.66% | 0.51% | |
| JPY | -0.40% | -0.13% | -0.56% | -0.56% | -0.87% | -1.21% | -0.04% | |
| BOOR | 0.16% | 0.38% | -0.02% | 0.56% | -0.26% | -0.65% | 0.50% | |
| AUD | 0.52% | 0.72% | 0.32% | 0.87% | 0.26% | -0.27% | 0.85% | |
| NZD | 0.79% | 1.07% | 0.66% | 1.21% | 0.65% | 0.27% | 1.14% | |
| CHF | -0.34% | -0.10% | -0.51% | 0.04% | -0.50% | -0.85% | -1.14% |
The heat map shows the percentage changes of the major currencies relative to each other. The base currency is selected from the left column and the quote currency from the top row. For example, if you select British Pound from the left column and move along the horizontal line to US Dollar, the percentage change displayed in the box will represent GBP (base)/USD (quote).
(This story was corrected on April 22 at 19:33 GMT to say the 20-day uncomplicated moving average is 213.25, not 313.25)
