The GBP/JPY pair is declining Thursday during North American trading, down 0.21 percent to 213.11 after hitting an intraday high near 214.06. The Pound Sterling is weakening despite the Bank of England maintaining its current interest rate policy at today’s meeting. Market participants are now watching the critical 100-day simple moving average as sellers apply downward pressure on the cross pair.
The technical breakdown comes as traders digest the BoE’s rate decision, with Sterling struggling to gain traction against the Japanese Yen. Currency traders and forex brokers should monitor whether the pair breaks below this key moving average support level, which could trigger additional selling pressure and accelerate losses. The move reflects broader Sterling weakness that is offsetting any supportive momentum from the unchanged BoE policy stance.
FXnCO Insight
Watch for a confirmed break below the 100-day SMA on GBP/JPY, as this could open the door to extended downside momentum and present short-selling opportunities for forex traders.
Source: FXStreet