GBP/JPY Technical Analysis: Stages a solid rebound from 50% Fibo. level on Barnier’s optimistic comments

   •  The British Pound got a strong boost after Barnier's optimistic Brexit comments and helped the cross to stage a solid rebound from 50% Fibo. retracement level of the 142.77-149.49 recent upsurge. 

   •  Despite a goodish intraday recovery of over 100-pips, the cross remained well below Asian session swing high level of 147.58 and the very important 200-day/hourly SMA.

   •  Meanwhile, technical indicators on hourly charts have just started rebounding from oversold conditions and hence, the sudden pickup could be solely attributed to some short-covering.

   •  However, a sustained move beyond the mentioned moving average might negate the bearish bias and assist the cross to build on the recovery move from the 146.00 neighborhood.
 

GBP/JPY 1-hourly chart