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11 Oct 2019

GBP/JPY surges through 135.00 handle, 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 mark.
 
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

 

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