The GBP/JPY pair rose around 0.25% after posting modest losses in the previous session, trading around 206.00 during the early European hours on Wednesday. Traders are waiting for UK Chancellor of the Exchequer, Rachel Reeves, to deliver the Autumn Budget later today.
Looking at the daily chart, it appears that the currency pair is moving upward within an ascending channel pattern, indicating a continuation of the bullish bias. In addition, the 14-day Relative Strength Index (RSI), a key momentum measure, improved from 62.31 to 64.79, reinforcing the positive momentum.
The GBP/JPY pair is extending its advance above the bullish nine- and 50-day EMAs at 205.00 and 202.51 respectively, keeping the bullish bias intact as the short-term average holds above the term average.
The GBP/JPY pair may find the main resistance level at the psychological level of 207.00, followed by the upper border of the ascending channel at 207.10. A break above this level would support the currency pair to test the all-time high of 208.11, which was recorded in July 2024.
On the downside, GBP/JPY may find its main support at the nine-day EMA at 205.00. A break below the short-term moving average would push the currency pair to test the 50-day EMA at 202.51. Further support lies at the lower border of the ascending channel around 200.50, followed by an eight-week low at 199.07.
(The technical analysis for this story was written with the help of an artificial intelligence tool.)
The price of the British pound today
The table below shows the percentage change of the British Pound (GBP) against the major currencies listed today. The British pound was the strongest against the Japanese yen.
| US dollars | euro | GBP | JPY | Canadian | Australian dollar | New Zealand dollar | Swiss franc | |
|---|---|---|---|---|---|---|---|---|
| US dollars | -0.10% | -0.05% | 0.19% | -0.21% | -0.46% | -1.02% | -0.21% | |
| euro | 0.10% | 0.06% | 0.29% | -0.09% | -0.36% | -0.90% | -0.12% | |
| GBP | 0.05% | -0.06% | 0.25% | -0.16% | -0.42% | -0.95% | -0.17% | |
| JPY | -0.19% | -0.29% | -0.25% | -0.40% | -0.65% | -1.18% | -0.40% | |
| Canadian | 0.21% | 0.09% | 0.16% | 0.40% | -0.27% | -0.80% | -0.01% | |
| Australian dollar | 0.46% | 0.36% | 0.42% | 0.65% | 0.27% | -0.54% | 0.25% | |
| New Zealand dollar | 1.02% | 0.90% | 0.95% | 1.18% | 0.80% | 0.54% | 0.79% | |
| Swiss franc | 0.21% | 0.12% | 0.17% | 0.40% | 0.00% | -0.25% | -0.79% |
The heat map shows the percentage changes in major currencies versus each other. The base currency is chosen from the left column, while the counter currency is chosen from the top row. For example, if you select 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).
