“¢ Having shown some resilience below the key 145.00 psychological mark in the previous session, the cross regained positive traction and climbed to two-week tops on Wednesday.
“¢ Bulls, however, failed to capitalize on the up-move and struggled to extend the momentum further beyond the 147.00 handle following the disappointing release of the UK services PMI.
“¢ Looking at the broader picture, the cross has been finding decent support near the 143.80-70 region marked by 38.2% Fibonacci retracement level of the 135.80-148.88 strong upsurge.
“¢ Meanwhile, technical indicators on 4-hourly/daily chart have just started gaining positive momentum and thus, support prospects for an extension of the near-term appreciating move.
“¢ A sustained move beyond the 147.00 handle will reaffirm the positive bias and lift the cross beyond the 148.00 round figure mark towards testing the 148.30-40 supply zone.
GBP/JPY daily chart
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