GBP/JPY Price Analysis: Falls Below 191.00 Toward Ascending Channel’s Lower Boundary -

GBP/JPY Price Analysis: Falls Below 191.00 Toward Ascending Channel’s Lower Boundary

Jan 13, 2025Jeremy ParkinsonFinance0

The GBP/JPY cross extends its losing streak for the fifth consecutive day, trading around 191.00 during the early European hours on Monday. An analysis of the daily chart indicates that the price movement within the descending channel pattern is intensifying, which points to a strengthening bearish bias.The 14-day Relative Strength Index (RSI), a key momentum indicator, holds falls toward the 30 level, reinforcing the ongoing bearish momentum. Moreover, the GBP/JPY cross trades below both the nine-day and 14-day Exponential Moving Averages (EMAs), further suggesting weaker short-term price momentum.On the downside, the GBP/JPY cross tests the lower boundary of the descending channel at 190.80 level. A break below this pattern would reinforce the bearish bias and put pressure on the currency cross to approach its four-month low at 188.09, which was recorded on December 3, 2024.The GBP/JPY cross could find primary resistance at the nine-day EMA at 194.52, followed by the 194.99 level. A break above the latter, which is aligned with the psychological level of 195.00, would improve the short-term price momentum and support the pair to approach the descending channel’s upper boundary at the 198.00 level. GBP/JPY: Daily Chart British Pound PRICE TodayThe table below shows the percentage change of British Pound (GBP) against listed major currencies today. British Pound was the weakest against the Japanese Yen.

USD EUR GBP JPY CAD AUD NZD CHF USD 0.30% 0.62% -0.28% 0.09% 0.08% 0.15% 0.01% EUR -0.30% 0.29% -0.55% -0.15% -0.08% -0.09% -0.21% GBP -0.62% -0.29% -0.84% -0.44% -0.38% -0.39% -0.49% JPY 0.28% 0.55% 0.84% 0.39% 0.31% 0.32% 0.33% CAD -0.09% 0.15% 0.44% -0.39% -0.05% 0.05% 0.00% AUD -0.08% 0.08% 0.38% -0.31% 0.05% -0.05% -0.11% NZD -0.15% 0.09% 0.39% -0.32% -0.05% 0.05% -0.11% CHF -0.01% 0.21% 0.49% -0.33% -0.01% 0.11% 0.11%

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).More By This Author:WTI Rises To Near $74.00 Due To Increased Likelihood Of Higher Heating Fuel Demand Australian Dollar Extends Losses As November Retail Sales Comes In Below Expectations USD/CNH Rises To Near 7.3500 Due To A Hawkish Shift In Fed’s Policy Outlook

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