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GBP/JPY refreshes session tops, eyeing a move beyond 142.00 mark

  • GBP/JPY regains positive traction and snaps two consecutive days of losing streak.
  • Receding demand for safe-haven assets weighed on the JPY and remained supportive.
  • No-deal Brexit fears might keep a lid on any strong follow-through positive move.

The GBP/JPY cross climbed to fresh daily tops during the mid-European session, with bulls now looking to extend the momentum further beyond the 142.00 round-figure mark.

Following an early dip to near one-week lows, the cross managed to attract some buying interest and snapped two consecutive days of losing streak. A combination of factors remained supportive of the intraday positive move and assisted the cross to recover a major part of the previous session's downfall.

GBP/JPY supported by a combination of factors

Despite concerns that Britain might crash out of the European Union at the end of the transition period later this year, the British pound managed to gain some positive traction and was seen as one of the key factors driving the cross higher on the first day of a new trading week.

Some early signs that the spread of the deadly coronavirus could be slowing continued lending some support to the global risk sentiment. This eventually turned weighed on the Japanese yen's perceived safe-haven status and further contributed to the bid tone surrounding the cross.

It, however, remains to be seen if bulls are able to capitalize on the momentum or the cross meets with some fresh supply at higher levels. The focus now shifts to Tuesday’s important release of the UK GDP report for the last quarter of 2019, which might provide some fresh directional impetus.

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