The GBP/JPY currency pair saw a modest rise of over 0.20% on Monday, October 26, 2026, as market sentiment improved. This uptick came amid hopes of a de-escalation in the Middle East conflict and positive movements in US equity markets, with Anthropic, an AI company, filing for an IPO. Despite the gain, the cross-pair remains below the psychological 210.00 mark after testing six-day lows of 209.13.
Technically, GBP/JPY maintains a downward bias, even after breaking a downslope resistance trendline in mid-October. The pair reached a one-month high of 211.99 before retracing to current levels. 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 indicators suggest potential upside, with the Relative Strength Index (RSI) trending higher and nearing a bullish turn. If GBP/JPY rises above 211.00, the next target is the 50-day Simple Moving Average (SMA) at 211.10, followed by 212.00 and the 200-day SMA at 212.95. Conversely, a drop below the October 23 low of 209.13 could open the door to further declines, with support levels at 209.00 and the September 30 low of 206.89.