Forex
GBP/JPY Falls Below Key Support Level
The GBP/JPY currency pair retreated on Wednesday as it failed to break through the 216.00 level and instead fell below its 50-day Simple Moving Average (SMA) of 125.56.
The pair currently trades at 214.25, down 0.37% from earlier in the day.
From a technical standpoint, the GBP/JPY is considered neutral-biased, with traders eyeing the 100-day SMA at 214.75 as a potential key level.
The Relative Strength Index (RSI) suggests that sellers are gaining momentum, indicating that bears are in control of the market.