GBP/JPY Technical Analysis: Climbs to over 2-week tops, seems poised to extend the positive momentum

   •  The cross continued gaining positive traction for the fourth consecutive session on Wednesday and climbed to over two- week tops post-UK manufacturing PMI.

   •  The overnight break through a descending trend-line - extending from mid-April, was seen as a key trigger for bullish traders and fueling some follow-through buying.

   •  The fact that the cross now seems to have found acceptance above 50% Fibo. level of the 147.00-143.87 recent downfall support prospects for further intraday gains.

   •  A sustained move beyond 61.8% Fibo. level, around the 145.75-80 region, will reaffirm the bullish bias and set the stage for a move towards 146.30-35 supply zone.

GBP/JPY 1-hourly chart