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GBP/JPY holds positive ground amid near 205.70 in Tuesday’s European session.  The cross maintains the bullish contents on the daily chart, above bullish territory.  The first upside barrier is seen at 206.35; the 100-period EMA at 205.60 acts as an initial support level for the cross. The GBP/JPY cross recovers some lost ground near 205.70, snapping the three-day losing streak during the early European session on Tuesday. The upside of the cross might be limited as further potential forex (FX) intervention by the Bank of Japan (BoJ) might prevent the JPY from depreciating.  According to the 4-hour chart, the bullish outlook of the cross remains intact as it holds above the key 100-period Exponential Moving Average (EMA). However, further consolidation cannot be ruled out as the Relative Strength Index (RSI) hovers around the 50-midline, indicating the neutral momentum of the cross.  The first upside barrier for GBP/JPY will emerge at 206.35, a high of July 12. Extended gains will see a rally to 206.67, a high of July 8. Any follow-through buying about this level will pave the way to the 207.60–207.70 region, portraying the upper boundary of the Bollinger Band and a high of July 10.  On the downside, the 100-period EMA at 205.60 acts as an initial support level for the cross. A breach of this level will seea drop to 203.50. Further south, the next contention level is seen at the 203.00 psychological level. GBP/JPY 4-hour chart Pound Sterling FAQs The Pound Sterling (GBP) is the oldest currency in the world (886 AD) and the official currency of the United Kingdom. It is the fourth most traded unit for foreign exchange (FX) in the world, accounting for 12% of all transactions, averaging $630 billion a day, according to 2022 data. Its key trading pairs are GBP/USD, aka ‘Cable’,…

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Filed under: News - @ July 16, 2024 6:08 am