Key Moments
- GBP/JPY slipped back to just under 213.30 after failing to clear resistance near 213.70.
- Preliminary UK GDP data showed quarterly growth of 0.6% and a 0.3% monthly gain, yet the pair still retreated.
- Market participants stayed cautious about selling JPY amid lingering concerns over potential intervention.
Range Trading Continues Despite Robust UK Growth Data
The British Pound/Japanese Yen pair traded within its recent band on Thursday, with attempts to extend gains during the Asian session stalling at resistance around the 213.70 area. After that rejection, GBP/JPY reversed lower and moved back to levels just below 213.30, even as fresh UK macroeconomic figures came in stronger than expected earlier in the day.
Preliminary data indicated that UK Gross Domestic Product accelerated to 0.6% in the first quarter from 0.2% in the previous quarter. On a monthly basis, GDP surprised to the upside with a 0.3% increase, compared with expectations for a 0.2% contraction. These readings helped alleviate some worries about a severe downturn attributed to Iran’s war, but they did not translate into sustained upside in GBP/JPY.
Yen Supported by Intervention Risk and Policy Signaling
Traders remained reluctant to build short positions in the Japanese Yen, with the threat of further official intervention still in focus. Authorities in Tokyo received backing from US Treasury Secretary Scott Bessent, who stated that the US views the excess volatility as undesirable, after meeting the Japanese Prime Minister Sanae Takaichi earlier this week. This policy backdrop helped discourage aggressive selling of JPY and limited GBP/JPY upside.
Technical Picture: Momentum Softens Within Established Band
From a technical standpoint, GBP/JPY retained a slightly positive short-term tone, but signs of waning momentum emerged. On the 4-hour chart, the Relative Strength Index hovered around the 50 level, reflecting the absence of a decisive directional bias. At the same time, a flat reading on the Moving Average Convergence Divergence indicator suggested consolidation rather than a strong trending move.
On the topside, buyers continued to face a ceiling near 213.70, which has blocked a move toward May peaks in the 214.20 to 214.40 zone. On the downside, support at 213.15 held on Thursday, with additional demand seen around the 212.80 area, which coincides with lows from Tuesday and Wednesday. If that floor were to give way, the next downside objective would be the May 7 and May 11 lows near 212.30.
(The technical analysis of this story was written with the help of an AI tool.)
Pound Performance Against Major Currencies
The following table shows the percentage change of the British Pound (GBP) against major currencies today. According to this snapshot, the British Pound was the strongest versus the Australian Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.00% | 0.05% | 0.03% | 0.00% | 0.12% | -0.01% | -0.02% | |
| EUR | -0.00% | 0.03% | 0.00% | -0.02% | 0.06% | -0.05% | -0.02% | |
| GBP | -0.05% | -0.03% | -0.02% | -0.05% | 0.05% | -0.09% | -0.03% | |
| JPY | -0.03% | 0.00% | 0.02% | -0.03% | 0.09% | -0.05% | -0.05% | |
| CAD | -0.00% | 0.02% | 0.05% | 0.03% | 0.13% | -0.03% | 0.03% | |
| AUD | -0.12% | -0.06% | -0.05% | -0.09% | -0.13% | -0.12% | -0.06% | |
| NZD | 0.01% | 0.05% | 0.09% | 0.05% | 0.03% | 0.12% | 0.04% | |
| CHF | 0.02% | 0.02% | 0.03% | 0.05% | -0.03% | 0.06% | -0.04% |
The heat map represents percentage changes between the major currencies. The base currency is listed in the left-hand column and the quote currency appears in the top row. For instance, selecting the British Pound on the left and moving across to the US Dollar cell shows the percentage move for GBP (base)/USD (quote).
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