“¢ Despite the ongoing Brexit drama, the cross continued showing some resilience below the 144.00 handle and once again managed to rebound from ahead of 100-day SMA support.
“¢ The cross regained some positive traction at the start of a new trading week and got an additional boost following the release of better-than-expected UK manufacturing PMI for March.
GBP/JPY daily chart
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“¢ The intraday uptick remains supported by bullish technical indicators on hourly charts and momentarily lifted the cross beyond 100-hour SMA, albeit lacked strong bullish conviction.
“¢ Hence, it would be prudent to wait for a follow-through buying before traders start positioning for any further near-term appreciating move towards reclaiming the 146.00 round figure mark.
1-hourly chart
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“¢ Alternatively, a convincing break below the 100-DMA support, currently near the 143.75-65 region, might act as a key trigger for bearish traders and pave the way for a further downfall.
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