Gains 0.35% as yen weakens, tests 206.00
The post Gains 0.35% as yen weakens, tests 206.00 appeared on BitcoinEthereumNews.com.
GBP/JPY trims some of last Friday’s losses, is up 0.35% as the Japanese Yen weakens despite efforts and threats by Japanese authorities, to stabilize the JPY. At the time of writing, the cross-pair trades at 205.64, after reaching a low of 204.94. GBP/JPY Price Forecast: Technical outlook The GBP/JPY is upward biased, as the pair seems poised to finish above 205.00. Momentum as depicted by the Relative Strength Index (RSI) favors further upside. Given the backdrop, continuation is the path of least resistance. If GBP/JPY rises past 206.00, buyers could challenge the yearly peak of 206.86, ahead of the 207.00 milestone. Once cleared, the next resistance is 208.00 ahead of 210.00. Conversely, if GBP/JPY drops below the day’s low of 204.94, the next support would be the November 21 low of 204.30, followed by 204. Once surpassed, the next stop is the 20-day SMA at 203.30. GBP/JPY Price Chart – Daily GBP/JPY daily chart Pound Sterling FAQs The Pound Sterling (GBP) is the oldest currency in the world (886 AD) and the official currency of the United Kingdom. It is the fourth most traded unit for foreign exchange (FX) in the world, accounting for 12% of all transactions, averaging $630 billion a day, according to 2022 data. Its key trading pairs are GBP/USD, also known as ‘Cable’, which accounts for 11% of FX, GBP/JPY, or the ‘Dragon’ as it is known by traders (3%), and EUR/GBP (2%). The Pound Sterling is issued by the Bank of England (BoE). The single most important factor influencing the value of the Pound Sterling is monetary policy decided by the Bank of England. The BoE bases its decisions on whether it has achieved its primary goal of “price stability” – a steady inflation rate of around 2%. Its primary tool for achieving this is…
