“¢ The British Pound rallied hard across the board on news reports that the UK and Germany have decided to abandon some key Brexit demands.
“¢ The cross caught some aggressive bids and surged around 230-pips, easily surpassing 100/200-hour SMA confluence hurdle near mid-143.00s.
“¢ The bullish momentum now seems to have paused near the key 145.00 psychological mark, which if cleared should pave the way for additional intraday gains.
“¢ RSI (14) on the 1-hourly chart has jumped above 70, indicating overbought conditions, and could be the only factor limiting further positive momentum.
GBP/JPY 1-houly chart
Spot Rate: 144.90
Daily Low: 142.66
Trend: Bullish
Resistance
R1: 145.50 (Aug. 29 daily closing high)
R2: 146.00 (round figure mark)
R3: 146.36 (100-day SMA)
Support
S1: 144.30 (horizontal zone)
S2: 144.00 (round figure mark)
S3: 143.72 (previous weekly high set on Monday)
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