GBP/JPY Tumbles Under Sustained Bearish Pressure

The GBP/JPY currency pair has been experiencing sustained bearish pressure, according to recent technical analysis. This is evident from the pair's position below its main moving averages of 20-day, 50-day, and 200-day, indicating ongoing selling pressure across various timeframes.

The momentum indicators are also pointing towards a bearish trend, with the MACD and ADX forecast continuing downside, while the RSI at 43.11 signals a sell setup. The Stochastic RSI at 85.87 suggests overbought intraday conditions, but the CCI holds neutral.

The analysis highlights ¥208.79 as a crucial support level to monitor, with further losses likely if it fails to hold. Earlier, analysts noted that GBP/JPY was under sustained bearish pressure due to technical indicators and macro factors aligning in favor of sellers.