GBP/JPY Price Forecast: Bulls eye 211.10 as bearish trend persists
GBP/JPY rises over 0.20% on Monday as market sentiment is positive amid a potential de-escalation of the Middle East conflict and US equity markets trading in the green, with Anthropic, an AI company, filing for an IPO. The cross-pair trades above 210.00, after testing six-day lows of 209.13.
GBP/JPY Price Forecast: Technical outlook
The cross-pair remains downward-biased even though it cleared a downslope resistance trendline in mid-October, pushing GBP/JPY to a one-month high of 211.99 before retracing to current levels near the psychological 210.00 mark.
The market structure of lower highs and lower lows remains intact unless buyers push GBP/JPY back above the August 25 high of 217.48.
Momentum suggests further upside, as the Relative Strength Index (RSI) is trending higher and is about to turn bullish.
If GBP/JPY rises above 211.00, a move to the 50-day Simple Moving Average (SMA) at 211.10 is on the cards. Above, the next stop is 212.00, followed by the 200-day SMA at 212.95.
On the flip side, if GBP/JPY drops below the October 23 low of 209.13, this opens the path to challenge 209.00. Once cleared, the next support is a resistance-turned-support trendline at 209.00, ahead of a potential extension of losses to the September 30 low of 206.89.
GBP/JPY Price Chart – Daily
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Fed and ECB decisions fall a day apart for a Euro under 1.12
Strong demand for AI chip design! Cadence Design Systems (CDNS.US) Q3 revenue up 22% year-on-year, full-year guidance raised
Kongteng Electronics reported Q3 revenue of $1.633 billions, representing a year-on-year increase of 22%, higher than the $1.339 billions recorded in the same period last year.
Crypto prices
More
