GBP/JPY surges through 143.00 mark, hits near 2-week tops on upbeat UK PMI

• GBP/JPY regains positive traction and recovered further from one-month lows.
• An upward revision of the UK Service PMI provided a modest lift to the sterling.
• Fading safe-haven demand weighed on the JPY and remained supportive.

The GBP/JPY cross climbed further beyond the 143.00 mark, or near two-week tops in reaction to upbeat UK macro data.

The buying interest around the British pound picked up some pace during the early European session on Wednesday after the final UK Services PMI was revised higher to 53.9 for January as compared to 52.9 estimated earlier.

Pound boosted by upbeat UK PMI

This comes on the back of more positive developments in the coronavirus saga, which undermined the Japanese yen’s perceived safe-haven demand and remained supportive of the pair’s positive move for the second consecutive session.

It is worth mentioning that UK scientists have reportedly made a significant breakthrough in the race for coronavirus vaccine. This coupled with news that China has found a drug to treat affected people boosted the global risk sentiment.

The cross added to the previous session’s goodish intraday recovery move from near one-month lows and is currently placed near last week’s swing low, around the 143.25-30 region, albeit fears of a no-deal Brexit might cap any further gains.

Technical levels to watch