GBP/JPY refreshes weekly tops and retreats, struggles to sustain above 138.00 mark

   •  Absent negative UK political or Brexit headlines lend some support to the British Pound. 
   •  Improving risk sentiment weighs on the JPY's safe-haven status and remained supportive.

The GBP/JPY cross built on the overnight goodish bounce from the 137.00 handle and climbed to fresh weekly tops in the last hour, albeit quickly retreated few pips thereafter.

A combination of supporting factors helped the cross to regain some traction on the last trading day of the week - also marking the fourth day of a positive move in the previous five, and build on this week's modest rebound from multi-month lows. 

The British Pound witnessed some short-covering move amid absent negative UK political or Brexit headlines. This coupled with improving risk sentiment undermined the Japanese Yen's safe-haven demand and remained supportive of the up-move.

Meanwhile, the uptick to levels just above the 138.00 handle lacked any obvious fundamental catalyst and hence, runs the risk of fizzling out rather quickly, warranting some caution for bullish traders and before positioning for any further near-term appreciating move.

Technical levels to watch