GBP/JPY Price Analysis: Retreats below 187.00 as bears hang to weekly gains

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  • GBP/JPY experiences a decline of 0.24% as Friday’s session ends.
  • Key support levels for GBP/JPY include 185.63 (Senkou Span A) and the 185.00 psychological mark, with further support at 184.71 (Kijun-Sen).
  • On the upside, resistance is seen at 187.00, with a break above potentially targeting 188.00 and the November 24 high at 188.66.

GBP/JPY trades with a negative tone late during the North American session after hitting a daily high of 187.52. Nevertheless, overall, the Japanese Yen (JPY) strength weighed on the Pound Sterling (GBP), despite the Bank of England’s (BoE) Governors' effort to emphasize they would keep rates higher for longer. At the time of writing, the cross is trading at 186.56, down 0.24%.

The GBP/JPY erased last Thursday’s gains on Friday, as bears extended the downtrend to four days, extending its weekly losses to 0.96%. Nevertheless, they failed to push prices below the 186.00 figure, which could have opened the door to challenge the 186.00 figure, followed by key support levels.

In that event, the GBP/JPY next support would be the Senkou Span A at 185.63, followed by the 185.00 figure. Further downside is seen at the Kijun-Sen at 184.71.

On the other hand, if GBP/JPY exchange rate stays above the 186.00 mark, that would keep bulls hopeful of higher prices, with the first resistance seen at the 187.00 figure. A decisive break would expose the 188.00 figure, followed by the November 24 high at 188.66.

GBP/JPY Price Analysis – Daily Chart

GBP/JPY Technical Levels

GBP/JPY

Overview
Today last price 186.54
Today Daily Change -0.59
Today Daily Change % -0.32
Today daily open 187.13
 
Trends
Daily SMA20 186.48
Daily SMA50 183.88
Daily SMA100 183.57
Daily SMA200 177.08
 
Levels
Previous Daily High 187.57
Previous Daily Low 186.24
Previous Weekly High 188.67
Previous Weekly Low 184.47
Previous Monthly High 188.67
Previous Monthly Low 182.75
Daily Fibonacci 38.2% 187.06
Daily Fibonacci 61.8% 186.74
Daily Pivot Point S1 186.39
Daily Pivot Point S2 185.64
Daily Pivot Point S3 185.05
Daily Pivot Point R1 187.72
Daily Pivot Point R2 188.31
Daily Pivot Point R3 189.06

 

 

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