GBP/JPY Price Forecast: sellers take control below 50-day SMA
The GBP/JPY retreats on Wednesday as the cross-pair fails to climb past 216.00 and fell beneath the 50-day Simple Moving Average (SMA) of 125.56. The cross-pair trades at 214.25 down 0.37%.
GBP/JPY Price Forecast: Technical outlook
The GBP/JPY is neutral biased, with the pair holding below the 50-day SMA, with traders eyeing the 100-day SMA at 214.75, which could’ve opened the door for further losses. The next support would be the 200-day SMA at 212.45, followed by the August 7 low of 211.47.
The Relative Strength Index (RSI) reveals that sellers are gaining momentum, an indication that bears are in control.
On further strength, the GBP/JPY first resistance is the April 10 high of 216.60, followed by 217.’00. Above this area ists the July 10 high of 218.69, ahead of the July 15 high at 219.61.
