Key Moments
- GBP/JPY trades back above 214.00 after recovering from lows in the 213.00 area, with upside momentum still looking weak.
- A fragile ceasefire in the Middle East and comments from US President Donald Trump on prospects for a deal with Tehran supported risk sentiment.
- Technical signals remain neutral-to-bearish after the pair broke its near-term ascending trendline from mid-May lows.
Risk Sentiment Supports a Modest GBP/JPY Recovery
The British Pound (GBP) is posting moderate gains against the Japanese Yen (JPY) on Tuesday, helped by an improvement in global risk appetite. After dipping to Monday’s lows in the 213.00 area, GBP/JPY has climbed back above the 214.00 handle, although the advance appears tentative.
Demand for Sterling has been underpinned by a moderate risk-on tone as hostilities in the Middle East ceased and US President Donald Trump reiterated that a peace agreement with Tehran is close. Despite this backdrop, the move higher in GBP/JPY remains limited and vulnerable.
Data Calendar: Focus on UK and Japan
The UK economic calendar has been relatively quiet so far this week. Market participants are now looking ahead to Manufacturing Production and the monthly Gross Domestic Product (GDP) data scheduled for release on Friday, which could provide fresh direction for Sterling.
In Japan, GDP figures released on Monday exceeded expectations. This outcome has reinforced market hopes that the Bank of Japan (BoJ) will raise interest rates following next week’s monetary policy meeting.
Technical Outlook: Upside Attempts Face Nearby Barriers
GBP/JPY is trading around 214.07 with the immediate bias still tilted to the downside after the pair slipped below the ascending trendline drawn from the mid-May lows. On the 4-hour chart, the Relative Strength Index (RSI) has retreated toward the mid-40s, while the Moving Average Convergence Divergence (MACD) is edging just under the zero line, both pointing to neutral-to-bearish momentum.
The pair previously completed a Double Top pattern at 215.55 and is now staging a corrective bounce. On the way up, bulls are expected to encounter initial resistance around 214.35, corresponding to the lows posted on June 3 and June 4, which now act as a former support zone. Above that, the broken trendline, currently near 215.15, is likely to cap further gains ahead of the 215.55 Double Top region.
On the downside, a decisive move below 213.35, aligning with the lows from May 21 and May 28, would open the path toward the May 19 trough near 212.65. A further decline would bring the May 15 low at 212.30 into focus as the next downside target.
(The technical analysis of this story was written with the help of an AI tool.)
GBP Performance Against Major Currencies
The table below shows the percentage change of the British Pound (GBP) against a selection of major currencies today. According to this snapshot, the British Pound has been the strongest versus the Japanese Yen.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.06% | -0.21% | 0.00% | -0.11% | -0.13% | -0.36% | -0.16% | |
| EUR | 0.06% | -0.13% | 0.07% | -0.05% | -0.02% | -0.26% | -0.06% | |
| GBP | 0.21% | 0.13% | 0.21% | 0.12% | 0.04% | -0.13% | 0.06% | |
| JPY | 0.00% | -0.07% | -0.21% | -0.10% | -0.11% | -0.34% | -0.14% | |
| CAD | 0.11% | 0.05% | -0.12% | 0.10% | -0.01% | -0.22% | -0.04% | |
| AUD | 0.13% | 0.02% | -0.04% | 0.11% | 0.01% | -0.21% | -0.02% | |
| NZD | 0.36% | 0.26% | 0.13% | 0.34% | 0.22% | 0.21% | 0.19% | |
| CHF | 0.16% | 0.06% | -0.06% | 0.14% | 0.04% | 0.02% | -0.19% |
The heat map above represents the percentage change of each major currency against the others. The base currency is taken from the left-hand column, while the quote currency is selected from the top row. For instance, choosing the British Pound on the left and moving horizontally to the US Dollar cell shows the percentage change for GBP (base)/USD (quote).
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