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The GBP/JPY pair continues to gain positive momentum for the second day in a row. From a technical standpoint, GBP/JPY has once again demonstrated resilience below the 200-day Simple Moving Average (SMA), and the subsequent northward movement favors the bulls. Moreover, positive oscillators on the daily chart indicate that the path of least resistance for spot prices remains upward. Therefore, a rise toward the next significant hurdle around the 195.60 level seems likely. However, before opening new long positions, it would be prudent to wait for sustained strength above the psychological 195.00 level.
Afterward, the GBP/JPY pair will attempt to overcome the round 196.00 level and retest the May high around 196.45. A sustained break above this area could be seen as a new trigger for the bulls, opening the path toward the 197.00 round figure and further up toward the next psychological level at 198.00, with some resistance expected in the 197.40–197.50 level.
On the other hand, a corrective pullback is likely to attract buyers near the 194.35–194.40 level, helping to limit declines ahead of the psychological 194.00 level. Failure to defend this level would make the cross vulnerable to accelerating declines toward intermediate support at 193.20, on the way to the 193.00 round figure and the 200-day SMA near the 192.70 level.
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