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Pound extends upside, likely to retest key 138.00 level

The pair GBP/JPY it rose sharply in recent hours spreading gains after Brexit talks were reported to resume with the goal of reaching a deal by mid-November. The pound soared across the board, extending the positive momentum.

The daily chart shows GBP / JPY moving in a positive trend in the short term after finding support at the 20-day moving average that stands today at 136.35. A daily close below would expose the uptrend line at 135.80; with a break to the downside denying the bullish bias.

On the upside, the next strong barrier is seen slightly below 138.00, a horizontal resistance and also the 55-day moving average. A close above would suggest more gains in the future targeting the 139.00 zone (intermediate resistance at 138.60).

Daily chart

Credits: Forex Street

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