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The GBP/JPY pared some of its gains on the strong yen. It hit an intraday low of 190.27 and is currently trading around 190.59. Intraday trend is bearish as long as resistance 192.60 holds.
The S&P Global/CIPS UK Construction PMI fell to 44.6 in March 2025, the lowest since 2020, as housebuilding, civil engineering, and commercial building all plummeted sharply due to delayed decision-making and doubt about the economy. The decline signals a challenging period for the UK economy that may impact growth and employment, particularly in housing, and can potentially make the British Pound (GBP) weaker due to the poor performance of the sector.
Technical Analysis Points to Further Downside
The GBP/JPY pair is trading above 34 and 55 EMA (Short-term) and 200 EMA (long-term on the 4-hour chart, confirming a bullish trend. Immediate resistance is at 191, a breach above this level targets of 192/192.60/193/195/196. Any close above 192 in the 4-hour chart confirms further bullishness. Downside support is at 189.80 with additional levels at 188.75/188/187.25/186/185.
Market Indicators
CCI (50)- Bullish
Directional movement index - Neutral
It is recommended to sell on rallies around 191 with a stop-loss at 192.60 for a TP of 188.
