GBP/JPY Sellers Target Break Below 100-Day SMA as Pair Retreats
GBP/JPY slipped 0.21% to 213.11 during the North American session as the pound weakened despite the Bank of England holding rates unchanged. Sellers are eyeing a break below the 100-day SMA.
GBPJPY
During Thursday's North American session, GBP/JPY retreated 0.21%, trading at 213.11 after peaking earlier. The decline came as the British pound depreciated, even though the Bank of England maintained its interest rates unchanged.
Technical sellers are now focused on pushing the cross-pair below the 100-day simple moving average (SMA), which would signal further bearish momentum. The pair's inability to hold gains suggests weakening demand for sterling.
Source: FXStreet Forex News