GBP/JPY advances to multi-day tops, beyond 146.00 mark after Rees-Mogg hints to back May's Brexit deal


   •  Rees-Mogg's comments revive hopes that May’s plan may eventually pass through Parliament.
   •  Improving risk sentiment further weigh on JPY’s safe-haven status and remained supportive.

The GBP/JPY cross spiked to three-day tops in the last hour and was now seen building on the momentum further beyond the 146.00 round figure mark.

The cross finally broke out of its two-day-old consolidative trading range and picked up the pace on Tuesday after leading Brexiteer Jacob Rees-Mogg hinted that he could back the UK PM Theresa May's Brexit deal.

Rees-Mogg's comments revived the possibility for the May's plan to eventually pass through the Parliament and turned out to be one of the key factors behind a sudden pickup in the GBP buying since the mid-European session. 

This coupled with improving global risk sentiment, as depicted a positive mood around equity markets, dented the Japanese Yen's safe-haven status and further collaborated to the pair's goodish intraday up-move.

It, however, remains to be seen if bulls are able to capitalize on the positive momentum or refrain from placing any aggressive bid as the focus now shifts to a possible third meaningful vote, expected to be held on Thursday.

In the meantime, the incoming Brexit-related news/developments might continue to influence sentiment surrounding the British Pound and produce some meaningful trading opportunities.

Technical levels to watch

GBP/JPY

Overview
Today last price 146.21
Today Daily Change 1.13
Today Daily Change % 0.78
Today daily open 145.08
 
Trends
Daily SMA20 146.78
Daily SMA50 144.38
Daily SMA100 143.6
Daily SMA200 144.64
 
Levels
Previous Daily High 145.81
Previous Daily Low 144.63
Previous Weekly High 148.39
Previous Weekly Low 144.13
Previous Monthly High 148.28
Previous Monthly Low 141.01
Daily Fibonacci 38.2% 145.08
Daily Fibonacci 61.8% 145.36
Daily Pivot Point S1 144.54
Daily Pivot Point S2 144
Daily Pivot Point S3 143.37
Daily Pivot Point R1 145.71
Daily Pivot Point R2 146.34
Daily Pivot Point R3 146.88

 

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