- The better tone around GBP pushed the cross further north.
- The cross clinches new yearly peaks just below the 143.00 mark.
- GBP momentum bolstered by Brexit optimism.
Rising buying pressure around the British Pound is now prompting GBP/JPY to print fresh 2019 highs in the proximity of 143.00 the figure.
GBP/JPY up on Brexit speculations
The continuation of the upbeat momentum around the Sterling is giving fresh wings to GBP-crosses today, with GBP/JPY trading in levels last seen in mid-December 2018 near the 143.00 milestone.
GBP has picked up extra steam since the ‘flash-crash’ sent the cross to sub-131.00 levels at the beginning of the new year, advancing for the third consecutive week so far on the back of a renewed wave of optimism around Brexit.
Today’s rally has been sparked after the Labour Party said earlier it will back a proposal that could postpone any decision on Brexit until the end of the year. Following this news, the European Commission stressed it will do its best to avoid a ‘hard border’ in Ireland.
GBP/JPY key levels
As the moment the cross is advancing 0.82% at 142.86 and a breakout of 143.93 (high Dec.13 2018) would expose 144.45 (100-day SMA) and then 145.43 (200-day SMA). On the other hand, the next down barrier is located at 140.59 (10-day SMA) seconded by 139.69 (21-day SMA) and finally 137.36 (low Jan.15).