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)