The GBP/JPY currency pair drew some buyers on Friday around the 210.60-210.55 range, rising for a third consecutive day and hitting a peak not seen in over a week during the early European trading hours. Current trading is taking place near the 211.25-211.30 mark, reflecting an uptick of nearly 0.15% for the day and indicating modest gains for the week ahead.
The Japanese Yen saw a slight increase after the Bank of Japan (BoJ) decided to maintain its main rate at 1.25%, a widely expected outcome, while hinting at the possibility of future rate hikes. However, the initial market response was brief as BoJ Governor Kazuo Ueda did not provide definitive guidance about the timeline for the next increase. Meanwhile, the British Pound remains supported by expectations of a hawkish stance from the Bank of England, which is benefiting the GBP/JPY pair further.
From a technical standpoint, a move beyond the 38.2% Fibonacci retracement level today could bolster the case for continued increases. The oscillators are indicating positive momentum, with the Moving Average Convergence Divergence (MACD) in positive territory and the Relative Strength Index (RSI) around 56. That said, this slight upward movement suggests attempts to rise rather than indicating a strong trend shift, especially as the GBP/JPY remains below the critical 200-day Simple Moving Average (SMA).
Looking ahead, any further upward movement might face resistance starting at 212.20, the 50% retracement level. Following that, there are additional barriers at the 200-day SMA situated at 212.91 and the 61.8% retracement at 213.47, with higher levels around 215.26 and 217.55, which correspond to the 78.6% retracement of the recent swing. On the flip side, immediate support can be found at the 38.2% retracement level of 210.94, just ahead of the 23.6% level at 209.38. A deeper support level lies around 206.85, close to the cycle low.
GBP/JPY daily chart
Pound Sterling Price This week
The table below shows the percentage change of British Pound (GBP) against listed major currencies this week. British Pound was the strongest against the New Zealand Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.16% | -0.31% | 0.22% | -0.61% | 0.18% | 0.87% | -0.34% | |
| EUR | -0.16% | -0.49% | 0.00% | -0.82% | -0.06% | 0.65% | -0.56% | |
| GBP | 0.31% | 0.49% | 0.44% | -0.33% | 0.43% | 1.19% | -0.10% | |
| JPY | -0.22% | 0.00% | -0.44% | -0.77% | -0.09% | 0.69% | -0.65% | |
| CAD | 0.61% | 0.82% | 0.33% | 0.77% | 0.72% | 1.41% | 0.23% | |
| AUD | -0.18% | 0.06% | -0.43% | 0.09% | -0.72% | 0.71% | -0.70% | |
| NZD | -0.87% | -0.65% | -1.19% | -0.69% | -1.41% | -0.71% | -1.23% | |
| CHF | 0.34% | 0.56% | 0.10% | 0.65% | -0.23% | 0.70% | 1.23% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the British Pound from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent GBP (base)/USD (quote).
