GBP/JPY Consolidates Near 217.00 Amid Global Risk Aversion

The GBP/JPY currency pair is currently consolidating near the familiar level of 217.00, as risk aversion dominates markets due to uncertainty over the Middle East conflict.

According to technical analysis, price action has been horizontal, while momentum has shifted bullish, with the Relative Strength Index (RSI) stalling at the 60 reading over the last two days.

To maintain a bullish continuation, the GBP/JPY must clear the 217.00 level, followed by potential stops at 218.00 and the July 30 high of 218.69.

On the downside, the first support for the pair would be the 216.00 psychological level, below which lies the 50-day Simple Moving Average (SMA) at 215.68 and further down at 215.00.