GBP/JPY shoots higher to fresh 2019 tops near 143.00

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.

Pablo Piovano FXStreet

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).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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