GBP/JPY Price Analysis: Bullish sentiment moderates and bears start to gear up

Decreasing RSI on the daily chart, along with rising MACD red bars, signal an increase in selling pressure.
On the hourly chart, there are signs of a steady positive momentum.

Patricio Martín FXStreet

On Thursday, the GBP/JPY pair declined to 189.58, recording a 0.27% loss. It's noted a somewhat subdued bullish drive, with bears starting to gain ground. The negative tone is more clear on the daily chart while on the hourly chart buyers remain resilient.

On the daily chart, the GBP/JPY's Relative Strength Index (RSI) has been hovering in the positive terrain, with a decline in the latest reading, suggesting a moderation in buying pressure. Moreover, the Moving Average Convergence Divergence (MACD) also indicates a dampened bullish sentiment, as the red bars are on the rise.

GBP/JPY daily chart

Turning to the hourly chart, the RSI similarly operates within the positive zone, trending flat in its last readings. The MACD histogram, however, reflects decreasing positive momentum, as it prints declining green bars.

GBP/JPY hourly chart

Altogether, the chart seems to be pointing to weakening bullish traction and a resurgence of the bears. However, given that the pair is above the 20,100 and 200-day Simple Moving Averages (SMAs) the overall trend remains bullish.

GBP/JPY

Overview
Today last price	189.64
Today Daily Change	-0.62
Today Daily Change %	-0.33
Today daily open	190.26

Trends
Daily SMA20	189.8
Daily SMA50	187.15
Daily SMA100	185.6
Daily SMA200	183.77

Levels
Previous Daily High	190.69
Previous Daily Low	189.86
Previous Weekly High	191.33
Previous Weekly Low	189.05
Previous Monthly High	191.33
Previous Monthly Low	185.23
Daily Fibonacci 38.2%	190.18
Daily Fibonacci 61.8%	190.37
Daily Pivot Point S1	189.85
Daily Pivot Point S2	189.44
Daily Pivot Point S3	189.02
Daily Pivot Point R1	190.68
Daily Pivot Point R2	191.1
Daily Pivot Point R3	191.5

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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