The GBP/JPY currency pair is currently testing immediate support at approximately 192.30, which aligns with the lower boundary of an ascending channel. Recent analysis of market trends indicates that this support level may be critical for the pair’s performance in the near term. The 14-day Relative Strength Index (RSI) remains positioned just below the neutral level of 50, indicating continued bearish momentum. Should the RSI surpass this level, it could signal a potential turnaround toward a bullish trend.
During the Asian trading session on Friday, GBP/JPY has exhibited subdued movement around the 192.30 level, marking the second consecutive day of stable trading. The ascending channel formation on the daily chart suggests that there could be an underlying bullish bias; however, the pair’s current position below both the 9-day and 14-day Exponential Moving Averages (EMAs) highlights persistent weaknesses in short-term price momentum.
If the pair falls below the 192.30 support level, it could enhance the bearish sentiment and lead to further declines, possibly targeting the recent seven-week low of 189.34 observed on January 17. Traders will be closely monitoring this threshold, as a breach could intensify selling pressure on the currency pair.
On the resistance side, GBP/JPY faces its first notable hurdle at the 9-day EMA around 192.36, followed by the 14-day EMA at 192.79. A successful break above these levels might invite more buying interest and could lead the pair to challenge the upper boundary of the ascending channel, potentially reaching the 194.00 level. Market participants will remain vigilant to gauge whether these resistance levels can hold in the face of prevailing market conditions.
