GBP/JPY Price Forecast: Flatlines around 218.50 with long-term highs at hand
GBP/JPY wavers around 218.50, with bears contained above previous highs at 218.00.
The Pound picks uop across the board with markets awaiting Andrew Burnham's nomination as next PM.
The British Pound (GBP) is trading practically flat against the Japanese Yen (JPY) on Monday, with the GBP/JPY pair wavering around 218.50, holding comfortably above previous highs at the 218.00 area, and with last week’s long.term high at 219.63 within a short distance.
The Pound Sterling remains moderately bid with investors bracing for the nomination of former Mayor of Manchester, Andy Burnham, as the next Prime Minister. Burnham pledged in an interview with The Times newspaper a 10-year plan to “rewire” the UK after having assured markets that he will pursue responsible fiscal policy.
In Japan, markets are closed for the Marine Day holiday, which is keeping market volatility low and the Japanese Yen moving within tight ranges so far.
Technical Analysis: Bulls remain focused on the 219.63 high
GBP/JPY trades at 218.69, retaining a bullish near-term bias with price action supported by an ascending trendline from late June lows. The 4-hour Relative Strength Index (14) around 58 suggests underlying buying interest, while the slightly negative Moving Average Convergence Divergence (MACD) reading hints at a shallow corrective pressure rather than a decisive reversal.
Bulls remain capped below session highs at 218.85, although the main focus remains on last week's high, at 219.63. Above here, the next target might be at the 127.2% Fibonacci extension of the July 10-15 rally, at 220.45.
On the downside, initial support is seen at the confluence between trendline support, now around 218.15, and Friday's trading floor, in the area of 218. A bearish reversal below here would expose the July 7 and 10 lows, near 216.40.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
Pound Sterling Price Today
The table below shows the percentage change of British Pound (GBP) against listed major currencies today. British Pound was the strongest against the Euro.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.07% | -0.09% | 0.02% | 0.06% | -0.24% | -0.09% | 0.09% | |
| EUR | -0.07% | -0.13% | -0.06% | -0.03% | -0.31% | -0.19% | 0.00% | |
| GBP | 0.09% | 0.13% | 0.09% | 0.12% | -0.18% | -0.04% | 0.13% | |
| JPY | -0.02% | 0.06% | -0.09% | 0.05% | -0.25% | -0.08% | 0.06% | |
| CAD | -0.06% | 0.03% | -0.12% | -0.05% | -0.30% | -0.13% | 0.00% | |
| AUD | 0.24% | 0.31% | 0.18% | 0.25% | 0.30% | 0.16% | 0.34% | |
| NZD | 0.09% | 0.19% | 0.04% | 0.08% | 0.13% | -0.16% | 0.15% | |
| CHF | -0.09% | -0.01% | -0.13% | -0.06% | -0.00% | -0.34% | -0.15% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the British Pound from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent GBP (base)/USD (quote).
Author
Guillermo Alcala
FXStreet
Graduated in Communication Sciences at the Universidad del Pais Vasco and Universiteit van Amsterdam, Guillermo has been working as financial news editor and copywriter in diverse Forex-related firms, like FXStreet and Kantox.
