GBP/JPY well supported above 160.00 ahead of UK retail sales

The GBP/JPY pair remained well supported above 160.00 handle just ahead of the monthly retail sales data from the UK.

The latest 'Brexit' poll results, released on Wednesday that showed strong lead for the 'Remain' camp triggered a sharp up-move for the pair. The pair cleared 50-day SMA resistance near 158.00 handle and also clinched 160.00 psychological mark with ease.

Traders now wait for the release of UK monthly retail sales data for the month of April. A stronger consumer spending report would add to bullish bias and assist the pair to build on to Wednesday's strong gains.

Technical levels to watch

From current levels, momentum above 161.00 round figure mark should lift the pair immediately towards 100-day SMA resistance near 162.20-30 area. The bullish spike could also take-out April highs resistance near 162.80 level.

On the flip side, weakness below 160.00 handle seems to find immediate support near 159.40 and any further weakness below this immediate support is likely to get bought into near 159.00 round figure mark.