GBP/JPY recovers from four-week low, eyes 210.50 on Iran de-escalation hopes
Oleh Haresh Menghani
Diperbarui: 1 Apr 2026
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The GBP/JPY cross shows some resilience below the 100-day Simple Moving Average (SMA) for the second consecutive day and gains some positive traction on Wednesday.
- GBP/JPY stages a modest recovery from a nearly four-week low, touched the previous day.
- Iran de-escalation hopes undermine the JPY’s safe-haven status and support spot prices.
- Intervention fears could limit JPY losses and cap the cross amid UK economic concerns.
The GBP/JPY cross shows some resilience below the 100-day Simple Moving Average (SMA) for the second consecutive day and gains some positive traction on Wednesday. Spot prices climb back to mid-210.00s during the early European session and for now, seem to have snapped a four-day losing streak to a nearly four-week low, touched on Tuesday.
The global risk sentiment gets a strong boost following US President Donald Trump's remarks that the US military forces will be exiting the Iran war within two to three weeks. The optimism undermines demand for traditional safe-haven assets, which is seen as a key factor behind the Japanese Yen's (JPY) relative underperformance against its British counterpart and lends support to the GBP/JPY cross.
Meanwhile, reports that the UAE is pushing for military action to reopen the Strait of Hormuz raise the risk of broader regional escalation. Given that Japan depends mostly on oil imports from the Middle East, the ongoing Iran war continues to fuel worries that Japan’s economy will come under substantial strain in the near future. This further weighs on the JPY and acts as a tailwind for the GBP/JPY cross.
However, speculations that Japanese authorities would step in to stem further weakness in the domestic currency could help limit deeper JPY losses. Moreover, the Bank of England's (BoE) hawkish signal about a potential rate hike in April amid inflation fears stemming from Middle East conflicts raises downside risks to the economy. This could cap gains for the British Pound (GBP) and the GBP/JPY cross.
Hence, it will be prudent to wait for strong follow-through buying before confirming that the recent downfall from the 213.30 horizontal barrier has run its course and positioning for further gains. Traders now look forward to the release of the final UK Manufacturing PMI, which might influence the GBP price dynamics and produce short-term opportunities around the GBP/JPY cross.
Pound Sterling Price Today
The table below shows the percentage change of British Pound (GBP) against listed major currencies today. British Pound was the strongest against the US Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.33% | -0.39% | -0.19% | -0.09% | -0.59% | -0.32% | -0.76% | |
| EUR | 0.33% | -0.06% | 0.15% | 0.25% | -0.25% | 0.02% | -0.43% | |
| GBP | 0.39% | 0.06% | 0.23% | 0.32% | -0.18% | 0.10% | -0.34% | |
| JPY | 0.19% | -0.15% | -0.23% | 0.12% | -0.36% | -0.12% | -0.53% | |
| CAD | 0.09% | -0.25% | -0.32% | -0.12% | -0.49% | -0.22% | -0.66% | |
| AUD | 0.59% | 0.25% | 0.18% | 0.36% | 0.49% | 0.28% | -0.16% | |
| NZD | 0.32% | -0.02% | -0.10% | 0.12% | 0.22% | -0.28% | -0.44% | |
| CHF | 0.76% | 0.43% | 0.34% | 0.53% | 0.66% | 0.16% | 0.44% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the British Pound from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent GBP (base)/USD (quote).
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