• GBP/JPY retreats to 213.30 after rejection at the 213.70 area.
• Positive UK GDP figures have failed to support the Pound.
• Investors remain wary of selling the Yen with interventions looming.

The British Pound (GBP) keeps trading within previous ranges against the Japanese Yen (JPY) on Thursday. GBP's upside attempts seen during the Asian session have failed to breach resistance at the  213.70 area, and the pair retreated to levels right below 213.30, in spite of the positive UK data released earlier on the day.

UK Gross Domestic Product (GDP) growth accelerated to 0.6% in Q1, from 0.2% in Q4, according to preliminary data released earlier on Thursday, but monthly data has surprised with a 0.3% growth, against expectations of a 0.2% contraction, easing concerns of a sharp economic downturn caused by Iran’s war.

Traders remain wary of selling the Yen amid risks of further interventions. Tokyo received support 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.

Technical Analysis: The Pound remains hovering within previous ranges

GBP/JPY maintains a mildly positive near‑term bias, although momentum is fading. The 4-hour Relative Strength Index (RSI) is wavering around the 50 line, showing a lack of clear bias, while the flat Moving Average Convergence Divergence (MACD) reading hints at consolidative rather than impulsive conditions.

Bulls remain capped below the 213.70 area, which is closing the path towards May's highs between 214.20 and 214.40. On the downside, 213.15 has provided support on Thursday, ahead of Tuesday and Wednesday's lows, at the 212.80 area. Further down, the next target would be the May 7 and 11 lows near 212.30.

(The technical analysis of this story was written with the help of an AI tool.)