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GBP/JPY slips after hitting fresh 18-year high near 219.62

The pair eased to about 218.80 after failing to break 220, with resistance eyed around 219.00 then 219.61.

Reported · Written up by our desk · Major Pairs

GBP/JPY retreated by about 0.3% after reaching a fresh 18-year high of 219.62 on Wednesday, according to FXStreet. By the time of writing, the cross was around 218.80, as the yen steadied.

FXStreet said the uptrend remains intact despite falling short of the 220.00 breakout, noting momentum indicators were still bullish but had begun to cool ahead of potential overbought conditions.

Looking ahead, FXStreet flagged 219.00 as the first key resistance before the prior 18-year high near 219.61, followed by the 220.00 area and then 220.50.

On the downside, FXStreet said a move below 218.00 could pull GBP/JPY toward the April 30 high, which earlier acted as support around 216.60, and then the 216.00 region ahead of the 50-day simple moving average near 214.72.

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