- GBP/JPY will test instant support from the 9-day EMA on 191.00.
- The 14-day RSI is under 50 years of age, indicating an increasing bear urge.
- The currency cross can test immediate resistance to EMA for 14 days around 191.17.
GBP/JPY has extended its losing streak into a third consecutive session, trading around the 191.00 level during Monday’s European session. A review of the daily chart indicates that the pair remains in a descending channel pattern, reflecting a continued bearish outlook.
Furthermore, the 14-day Relative Strength Index (RSI), a crucial momentum indicator, has dropped below the 50 mark, reinforcing the downside pressure. However, the pair is hovering near the nine- and 14-day Exponential Moving Averages (EMAs), which suggests neutral momentum in the short term.
In terms of support, the nine-day EMA at 191.00 serves as immediate support for GBP/JPY. A break below this level could weaken the short-term momentum, pushing the pair toward the five-month low near 187.05, observed on February 7, and potentially down to the lower boundary of the descending channel at the 186.00 psychological level.
On the upside, GBP/JPY faces immediate resistance at the 14-day EMA around 191.17. A breakout above this level could ease the bearish pressure and open the way for the pair to test the upper boundary of the descending channel near 192.50.
GBP/JPY: Daily Chart
British Pound PRICE
The table below shows the percentage change of British Pound (GBP) against listed major currencies today. British Pound was the weakest against the Japanese Yen.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.08% | -0.04% | -0.24% | 0.03% | -0.18% | -0.23% | 0.09% | |
| EUR | -0.08% | 0.03% | -0.37% | 0.05% | -0.17% | -0.21% | 0.12% | |
| GBP | 0.04% | -0.03% | -0.29% | 0.02% | -0.15% | -0.24% | 0.08% | |
| JPY | 0.24% | 0.37% | 0.29% | 0.28% | 0.10% | 0.22% | 0.32% | |
| CAD | -0.03% | -0.05% | -0.02% | -0.28% | -0.18% | -0.26% | 0.07% | |
| AUD | 0.18% | 0.17% | 0.15% | -0.10% | 0.18% | -0.04% | 0.29% | |
| NZD | 0.23% | 0.21% | 0.24% | -0.22% | 0.26% | 0.04% | 0.32% | |
| CHF | -0.09% | -0.12% | -0.08% | -0.32% | -0.07% | -0.29% | -0.32% |
