GBP/JPY Technical Analysis: Rallies hard to 145.00 neighborhood on positive Brexit headlines

The British Pound rallied hard across the board on news reports that the UK and Germany have decided to abandon some key Brexit demands.

   •  The cross caught some aggressive bids and surged around 230-pips, easily surpassing 100/200-hour SMA confluence hurdle near mid-143.00s.

   •  The bullish momentum now seems to have paused near the key 145.00 psychological mark, which if cleared should pave the way for additional intraday gains.

   •  RSI (14) on the 1-hourly chart has jumped above 70, indicating overbought conditions, and could be the only factor limiting further positive momentum.

GBP/JPY 1-houly chart

Spot Rate: 144.90
Daily Low: 142.66
Trend: Bullish

Resistance
R1: 145.50 (Aug. 29 daily closing high)
R2: 146.00 (round figure mark)
R3: 146.36 (100-day SMA)

Support
S1: 144.30 (horizontal zone)
S2: 144.00 (round figure mark)
S3: 143.72 (previous weekly high set on Monday)

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