GBP/JPY Consolidates Near 216.00 as Bulls Stall

The GBP/JPY currency pair is experiencing a period of consolidation near the 216.00 level, with neither buyers nor sellers able to break through key resistance and support levels.

This neutral-to-upward-biased market has seen its bullish momentum fade despite a relatively strong RSI reading, which remains bullish but has flattened out.

The first significant resistance level lies at 217.00, followed by a downward trendline near 217.50/65. Above this area, the July 9 high of 218.01 becomes a target for bulls.

On the flip side, a drop below the 50-day SMA at 215.56 opens the door to further downside, with the 100-day SMA at 214.71 and the 200-day SMA at 212.35 providing potential support levels.