The GBP/JPY cross pares its recent gains, trading around 195.80 during the early European hours on Thursday.
GBP/JPY may depreciate further as daily chart analysis suggests a bearish bias. The nine-day EMA sits below the 14-day EMA, signaling continued weakness in short-term price momentum. The immediate support appears at the lower boundary of the descending channel at 193.50 level. The daily chart analysis indicates that the pair is positioned within the descending channel pattern, suggesting a bearish bias.
Further resistance appears at the upper boundary of the descending channel at 197.70 level. A successful breach above this channel could cause the emergence of the bullish bias and support the GBP/JPY cross to test the four-month high at 199.81 level, reached on October 30. GBP/JPY: Daily Chart British Pound PRICE Today The table below shows the percentage change of British Pound against listed major currencies today. British Pound was the weakest against the Japanese Yen.
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