30000 gbp in eur - Pound recovery hits resistance at 211.45
The Pound (GBP) is trading higher against the Japanese Yen (JPY) on Monday, favoured by a moderate optimism amid news of a peace plan to end the war in Iran. The pair, however, remains capped below the 211.45 resistance area so far, although technical indicators are popping up into bullish territory.
News that Iran and the US have received the framework of a plan for a 45-day ceasefire that might end the hostilities immediately and reopen the Strait of Hormuz has been welcomed by the market. Investors have responded by selling safe-haven assets like the US Dollar for the benefit of riskier-perceived assets like the Pound.
Nevertheless, traders are wary of placing significant Yen shorts. The USD/JPY remains relatively close to 160.00 a level which, according to market speculation, might unleash an intervention by Tokyo authorities to stem undesired JPY weakness.
GBP/JPY shows a mildly bullish trend, after bouncing at 209.64 lows in late March, with the highest lows posted last week. A bullish engulfing candle in the daily chart might strengthen the case of a deeper correction if the pair closes the day beyond 211.45.
Technical indicators in the 4-hour chart show an improved momentum, with the Relative Strength Index (RSI) stabilizing just above the 50 mark and the Moving Average Convergence Divergence (MACD) line remaining in positive territory.
Price action suggests that we might be in the C-D leg of a Gartley pattern, targeting beyond the mentioned 211.45 resistance area to the area between the March 24 and 27 lows, at 212.30, and the 78.2% Fibonacci retracement of the late-March sell-off, at 212.55.
To the downside, immediate support is the April 2 low, at 210.35, ahead of the mentioned March 31 low, at 209.64.
(This story was corrected on April 6 at 11:55 GMT to say April 2 low was 210.35, not 212.35.)
(The technical analysis of this story was written with the help of an AI tool.)
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 | -0.24% | -0.31% | -0.06% | -0.19% | -0.47% | -0.50% | -0.22% | |
| EUR | 0.24% | -0.05% | 0.15% | 0.07% | -0.24% | -0.28% | -0.01% | |
| GBP | 0.31% | 0.05% | 0.19% | 0.09% | -0.18% | -0.23% | 0.07% | |
| JPY | 0.06% | -0.15% | -0.19% | -0.10% | -0.41% | -0.45% | -0.17% | |
| CAD | 0.19% | -0.07% | -0.09% | 0.10% | -0.28% | -0.32% | -0.04% | |
| AUD | 0.47% | 0.24% | 0.18% | 0.41% | 0.28% | -0.05% | 0.24% | |
| NZD | 0.50% | 0.28% | 0.23% | 0.45% | 0.32% | 0.05% | 0.30% | |
| CHF | 0.22% | 0.00% | -0.07% | 0.17% | 0.04% | -0.24% | -0.30% |
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).
Source: https://www.fxstreet.com/news/gbp-jpy-price-analysis-pound-recovery-hits-resistance-at-21145-202604061142
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