GBP/JPY Stuck at 50-Day SMA as Bulls Fail to Breathe New Life

The GBP/JPY currency pair is facing resistance at its 50-day Simple Moving Average (SMA) of 215.43, which may cap its advance and lead to sideways trading.

According to technical analysis, the Relative Strength Index (RSI) has shifted flat exactly at the 50-neutral level, indicating that neither buyers nor sellers are fully committed to push the cross above or below familiar levels.

The first key resistance on the upside is the 50-day SMA, followed by the 216.00 mark and then the 217.00 psychological level.