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GBP/JPY slips below 50-day SMA as sellers gain momentum

The cross trades around 214.25, down 0.4%, and traders are watching 214.75, then 212.45 and the August 7 low near 211.47 for potential support.

Reported · Written up by our desk · Major Pairs

GBP/JPY retreated on Wednesday after failing to move above 216.00 and slipping below the 50-day simple moving average of 125.56, according to FXStreet.

The pair was quoted near 214.25, down 0.37%, with the outlook described as neutral biased while it stays under the 50-day level. Traders are also looking ahead to the 100-day SMA near 214.75, which could open the door for further losses.

FXStreet noted that the next potential support areas are the 200-day SMA at 212.45, followed by the August 7 low at 211.47. It also cited the relative strength index, saying it indicates sellers are gaining momentum and bears are in control.

On the upside, the first resistance is the April 10 high at 216.60, followed by 217.00, with additional levels cited at the July 10 high of 218.69 and the July 15 high of 219.61.

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