GBP/JPY Technical Analysis: Jumps above 50-hour SMA, bulls eyeing a move beyond 23.6% Fibo. level

   •  The cross finally broke out of its Asian session consolidation phase and a move beyond 50-hour SMA was seen as a key trigger for the latest leg of a sudden pickup in the last hour. 

   •  The cross spiked back closer to the top end of Friday's broader trading range, nearing a resistance marked by 23.6% Fibonacci retracement level of 148.73-144.25 last week's sharp fall.

   •  Technical indicators on the 1-hourly chart have already recovered from the bearish territory and support prospects for an extension of the pair's intraday positive momentum beyond the 145.00 handle.

   •  However, a convincing break below the 144.60-50 horizontal zone might negate the constructive outlook and turn the cross vulnerable to resume with its bearish slide amid UK political uncertainty.
 

GBP/JPY 1-hourly chart