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

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

Time Stamp: December 1, 2023 3:17 PM
Source Node: 2991631

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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

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