GBP/JPY Price Analysis: Bears extend control as Pound weakens near 188

GBP/JPY trades near the lower end of its daily range after slipping below 189
All key moving averages align with the bearish bias
RSI and CCI remain neutral but momentum continues to erode

Patricio Martín FXStreet

The GBP/JPY pair continued to edge lower on Wednesday, falling toward the 188 zone and marking a daily decline of nearly 0.9%. The cross remains anchored near the bottom of its range between 187.668 and 189.664, reinforcing the weight of recent selling pressure.

The overall technical picture is bearish. The MACD prints a fresh sell signal, confirming ongoing downside momentum. While the RSI at 41.24 remains in neutral territory, it shows a gradual approach toward oversold conditions. Similarly, the Stochastic %K at 37.23 and the Commodity Channel Index (CCI) at -69.48 remain neutral, yet do little to challenge the prevailing negative bias.

The most compelling signal comes from the moving averages. The 20-day SMA at 191.292, the 100-day at 192.269, and the 200-day at 193.184 are all firmly sloping downward. Short-term averages such as the 10-day EMA (189.174) and SMA (188.644) also reinforce the bearish trajectory, with the price continuing to trade below all of them.

Resistance awaits at 188.632, 188.644, and 189.174 — levels that must be overcome to ease the bearish pressure. For now, sellers remain in charge as GBP/JPY struggles to regain upward traction.

Daily chart

Author

Patricio Martín

FXStreet

Patricio is an economist from Argentina passionate about global finance and understanding the daily movements of the markets.

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