During Monday's session, the GBP/JPY pair sustained its uptrend, hitting new cycle highs around 202.50, reaching its highest point since 2007.
GBP/JPY extends its rally, hitting fresh cycle highs of around 202.50 on Monday. Daily RSI and MACD standnear overbought territory. Trend remains bullish but overbought conditions suggest potential corrections. During Monday's session, the GBP/JPY pair sustained its uptrend, hitting new cycle highs around 202.50, reaching its highest point since 2007. Despite sellers making strides earlier in the session, bringing the pair down to a low of 106.
The trend's positive outlook is validated by the pair's position above the 20-day, 100-day, and 200-day Simple Moving Averages . However, as current indicators suggest over-extended movements, traders might brace for a likely correction event. If the pair falls below the immediate support level set at 202.00, followed by the 201.00 and 202.20 levels , it would likely seek new support thresholds at around the 200.00 psychological area.
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