GBP/JPY Price Analysis: Retreats below 187.00 as bears hang to weekly gains

GBP/JPY experiences a decline of 0.24% as Friday’s session ends.
Key support levels for GBP/JPY include 185.63 (Senkou Span A) and the 185.00 psychological mark, with further support at 184.71 (Kijun-Sen).
On the upside, resistance is seen at 187.00, with a break above potentially targeting 188.00 and the November 24 high at 188.66.

Christian Borjon Valencia FXStreet

GBP/JPY trades with a negative tone late during the North American session after hitting a daily high of 187.52. Nevertheless, overall, the Japanese Yen (JPY) strength weighed on the Pound Sterling (GBP), despite the Bank of England’s (BoE) Governors' effort to emphasize they would keep rates higher for longer. At the time of writing, the cross is trading at 186.56, down 0.24%.

The GBP/JPY erased last Thursday’s gains on Friday, as bears extended the downtrend to four days, extending its weekly losses to 0.96%. Nevertheless, they failed to push prices below the 186.00 figure, which could have opened the door to challenge the 186.00 figure, followed by key support levels.

In that event, the GBP/JPY next support would be the Senkou Span A at 185.63, followed by the 185.00 figure. Further downside is seen at the Kijun-Sen at 184.71.

On the other hand, if GBP/JPY exchange rate stays above the 186.00 mark, that would keep bulls hopeful of higher prices, with the first resistance seen at the 187.00 figure. A decisive break would expose the 188.00 figure, followed by the November 24 high at 188.66.

GBP/JPY Price Analysis – Daily Chart

GBP/JPY Technical Levels

GBP/JPY

Overview
Today last price	186.54
Today Daily Change	-0.59
Today Daily Change %	-0.32
Today daily open	187.13

Trends
Daily SMA20	186.48
Daily SMA50	183.88
Daily SMA100	183.57
Daily SMA200	177.08

Levels
Previous Daily High	187.57
Previous Daily Low	186.24
Previous Weekly High	188.67
Previous Weekly Low	184.47
Previous Monthly High	188.67
Previous Monthly Low	182.75
Daily Fibonacci 38.2%	187.06
Daily Fibonacci 61.8%	186.74
Daily Pivot Point S1	186.39
Daily Pivot Point S2	185.64
Daily Pivot Point S3	185.05
Daily Pivot Point R1	187.72
Daily Pivot Point R2	188.31
Daily Pivot Point R3	189.06

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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