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GBP/JPY posts highest close in two weeks

FXStreet (Córdoba) - The GBP/JPY finished Monday trading barely below 172.50 and posted the highest daily close since August 5. It was a quiet session for the pair despite starting the week with a small bullish gap.

During Monday’s Asian session the GBP/JPY climbed to 172.67, hitting a 2-week high and then pulled back, bottoming at 172.28. Price moved sideways during most of the day, around 172.50.

GBP/JPY technical outlook

In the short term the pair is moving with an upside bias. On Monday it was able to consolidate above 172.25/30, where previous weekly highs lie, gaining some bullish momentum.

The daily chart still shows price below a downtrend line but currently rebounding from the 200-day moving average, that stands at 170.80.

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