• GBP/JPY slips as political uncertainty around Keir Starmer weighs on Pound sentiment.
• Bulls stall near 214.00 after repeated failures to push toward yearly highs above 215.00.
• RSI prints lower highs, signaling fading momentum and rising downside risk toward key moving averages.

The Pound Sterling retreats 0.21% during the North American session as political turmoil in the UK, surrounding the Prime Minister Keir Starmer, pushed the GBP/JPY downwards. At the time of writing, the cross-pair trades at 213.51 after reaching a daily high of 214.44.

GBP/JPY Price Forecast: Technical outlook

During the last four trading days, the GBP/JPY achieved successive daily highs near 213.80, with the pair unable to crack decisively the 214.00 figure. At the same time, the pair dipped to a five-day low of 211.61, before resuming upwards but so far bulls lacked the strength to break to new yearly highs past the current one at 215.00. A breach of the latter will expose the 215.50 figure, followed by 216.00.

From a momentum standpoint, the Relative Strength Index (RSI) recorded successive series of lower highs, an indication that sellers are gathering momentum.

If the GBP/JPY drops below 213.00, the immediate support would be the 20-day Simple Moving Average (SMA) at 212.57. Once surpassed the next stop would be the 50-day SMA at 210.80.

GBP/JPY Daily Chart