GBP/JPY Price Forecast: Bulls eye 211.10 as bearish trend persists

GBP/JPY rises over 0.20% on Monday as market sentiment is positive amid a potential de-escalation of the Middle East conflict and US equity markets trading in the green, with Anthropic, an AI company, filing for an IPO. The cross-pair trades above 210.00, after testing six-day lows of 209.13.

GBP/JPY Price Forecast: Technical outlook

The cross-pair remains downward-biased even though it cleared a downslope resistance trendline in mid-October, pushing GBP/JPY to a one-month high of 211.99 before retracing to current levels near the psychological 210.00 mark.

The market structure of lower highs and lower lows remains intact unless buyers push GBP/JPY back above the August 25 high of 217.48.

Momentum suggests further upside, as the Relative Strength Index (RSI) is trending higher and is about to turn bullish.

If GBP/JPY rises above 211.00, a move to the 50-day Simple Moving Average (SMA) at 211.10 is on the cards. Above, the next stop is 212.00, followed by the 200-day SMA at 212.95.

On the flip side, if GBP/JPY drops below the October 23 low of 209.13, this opens the path to challenge 209.00. Once cleared, the next support is a resistance-turned-support trendline at 209.00, ahead of a potential extension of losses to the September 30 low of 206.89.

GBP/JPY Price Chart – Daily