![GBP/JPY Seems to Build on to Its Strength above 159.00 Handle GBP/JPY Seems to Build on to Its Strength above 159.00 Handle](https://c.mql5.com/6/740/splash-672340.png)
GBP/JPY Seems to Build on to Its Strength above 159.00 Handle
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GBP/JPY Seems to Build on to Its Strength above 159.00 Handle
Extending its bid tone through the European trading session, the GBP/JPY pair got a boost from the latest 'Brexit' polls results, lifting the pair to 159.00 handle.
Lead for the 'Remain' camp continues to extend supportive hand for the
GBP/JPY bulls, which also seems be benefited from today's
better-than-expected UK employment data.
Moreover, a minor risk-on rally across European equity markets also
seems to dampen the safe-haven appeal for the Japanese currency, thus
boosting the demand the GBP/JPY cross.
From technical perspective, the pair is comfortably trading above 50-day
SMA region and has also absorbed supply at 159.00 handle and hence,
seems more likely to extend its near-term upward trajectory.
Technical levels to watch
On a sustained trade above 159.00 handle, the pair seems to aim towards
testing its next major resistance near 159.70-75 horizontal zone. Should
the momentum turn out to be strong enough to break past 159.70-75
resistance, it is likely to assist the pair further towards 100-day SMA
resistance near 162.50 level in the near-term.
Meanwhile, weakness towards 50-day SMA near 158.00-158.10 region now
seems to be bought into, restricting the weakness near 157.80 area.