GBP/JPY Price Analysis: Rallies and reclaim the 200-DMA but stalls at the 100-DMA

The GBP/JPY advances as the Bank of England (BoE’s) third rate hike looms.
As safe-haven peers dropped, a risk-off market mood was not an excuse for the British pound to climb.
GBP/JPY Price Forecast: Shifts from a downward bias to a neutral though upside risks remain.

Christian Borjon Valencia FXStreet

The British pound breaks above a double-top neckline around 152.94 and rallies sharply but stalled at the 100-day moving average (DMA) around 154.09, which appears to be a sudden shift in the market mood, from mixed to negative, as reflected by US equities. At press time, the GBP/JPY is trading at 153.71.

The risk-sensitive GBP rallies on positive market sentiment

Overnight, an upbeat market mood originated the rally of the GBP/JPY. Alongside market sentiment, the Bank of England (BoE) would hike rates for the third consecutive meeting, which would lift the bank’s rate from 0.50% to 0.75%, on Thursday, boosting sterling.

Analyzing the previous two-sessions price action, the GBP/JPY opened near the session’s lows and climbed steadily, reaching near the London Fix, the daily’s high at 154.18, retreating below the 154.00 mark afterward.

GBP/JPY Price Forecast: Technical outlook

The GBP/JPY shifted from a downwards to a neutral bias. Why? Failure of GBP/JPY bears to keep the spot under the neckline at 152.94 exacerbated an upward move, breaking on its way the 200 and 100-DMA, each at 153.07 and 154.03, respectively. However, if GBP/JPY bulls want to regain control, they need a daily close above the 100-DMA.

Upwards, the GBP/JPY first resistance would be the confluence of the 100-DMA and the 154.00 mark. Breach of the latter would expose the 155.00 mark, immediately followed by the 50-DMA at 155.17. Otherwise, the GBP/JPY first support would be the 200-DMA at 153.27. A sustained break would expose the double-top neckline at 1.52.94, near the 153.00 mark, followed by the 152.00 psychological level.

GBP/JPY

Overview
Today last price	153.71
Today Daily Change	0.91
Today Daily Change %	0.60
Today daily open	152.84

Trends
Daily SMA20	154.44
Daily SMA50	155.26
Daily SMA100	154.11
Daily SMA200	153.35

Levels
Previous Daily High	153.4
Previous Daily Low	151.91
Previous Weekly High	153.4
Previous Weekly Low	150.99
Previous Monthly High	158.07
Previous Monthly Low	153.37
Daily Fibonacci 38.2%	152.83
Daily Fibonacci 61.8%	152.48
Daily Pivot Point S1	152.03
Daily Pivot Point S2	151.22
Daily Pivot Point S3	150.54
Daily Pivot Point R1	153.53
Daily Pivot Point R2	154.21
Daily Pivot Point R3	155.02

Author

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

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