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GBP/JPY surges through 135.00 handles, 3-week tops

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GBP/JPY surges through 135.00 handles, 3-week tops

  • The British Pound witnesses some volatility following Tusk’s Brexit comments.
  • Tusk: Johnson has promised to come forward with a solution that works for all.

The GBP/JPY cross reversed an early European session tip to sub-134.00 levels and rallied nearly 150 pips to over three-week tops in the last hour.

Following a brief consolidation earlier this Friday, the cross did witness some intraday pullback in reaction to not so optimistic comments by the European Council President Donald Tusk, saying that the UK has not come forward with a realistic and workable proposal.

Brexit headlines continue to influence

However, given the Irish Prime Minister Leo Varadkar’s promising signals on Thursday, the downtick was quickly bought into and got an additional boost after Tusk further added that the UK PM Boris Johnson has promised to come forward with a solution that works for all.

The British Pound surged across the board and assisted the cross to add to the previous session’s strong upsurge. The positive momentum took along some short-term trading stops near the 134.65-70 region and lifted the cross further beyond the key 135.00 psychological marks.

Meanwhile, Tusk also clarified that if there is no proposal by today, there is no more chance of reaching an agreement at the upcoming EU summit. Hence, it will be interesting to see if bulls are able to capitalize on the momentum or the cross meets with some fresh supply at higher levels.

Technical levels to watch

GBP/JPY

OVERVIEW
Today last price 135.24
Today Daily Change 0.92
Today Daily Change % 0.68
Today daily open 134.32
TRENDS
Daily SMA20 133.22
Daily SMA50 131.11
Daily SMA100 133.58
Daily SMA200 138.74
LEVELS
Previous Daily High 134.56
Previous Daily Low 130.72
Previous Weekly High 133.36
Previous Weekly Low 131.28
Previous Monthly High 135.75
Previous Monthly Low 126.67
Daily Fibonacci 38.2% 133.09
Daily Fibonacci 61.8% 132.19
Daily Pivot Point S1 131.84
Daily Pivot Point S2 129.36
Daily Pivot Point S3 127.99
Daily Pivot Point R1 135.68
Daily Pivot Point R2 137.04
Daily Pivot Point R3 139.52
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