- GBP / JPY falls for three days in a row, racking up losses of almost 1%.
- GBP / JPY is trading sideways, but modestly sloping to the downside as sellers look at the 200 DMA.
The GBP/JPY It extends its losing streak to three consecutive days, down 0.01%, trading 152.44 for the day at the time of writing. On Tuesday, the pair failed to break through stiff resistance around 153.60, collapsing on Wednesday, on a higher than expected US inflation reading, falling to the 100-day moving average (DMA) at 152.57.
On Thursday, during the Asian session, the GBP / JPY cross failed to regain the 153.00 level amid a mild sentiment of risk appetite in the market. Additionally, weaker-than-expected UK macro data, which investors slightly ignored, weighed on the sterling outlook, favoring the Japanese yen bulls.
That said, the GBP / JPY pair would remain trapped within the 152.60-153.00 range as investors await further momentum to take action.
GBP / JPY Price Forecast: Technical Outlook
Daily chart
At time of writing, the pair is trading below Wednesday’s low (152.57), hitting a new monthly low. Furthermore, the GBP / JPY cross left the shorter time frame DMAs behind, and GBP / JPY sellers turn their attention to the 200 DMA at 151.97. If sellers claim the latter, the first demand zone would be the psychological level of 151.00. A break out of that level would expose an ascending support trend line that travels from the July 20 low to the September 21 low near the 150.00 area.
Conversely, GBP / JPY buyers, if they want to regain control, will need a daily close above the 50 DMA at 153.17. In that result, the key bidding areas would be exposed. The first supply zone would be the November 5 high at 153.77, followed by the psychological resistance level at 154.00.
Technical levels
.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
