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    GBP/JPY surges to a 3-week high at 158.00 level

    The sterling bulls seem unstoppable with the GBP/JPY cross surging to a 3-week high level of 158.00 before retracing few pips to currently trade around mid-157.00s.Sentiment surrounding the British Pound remained upbeat as investors now pricing-in a sure victory for the Bremain camp, ahead of the final results that are expected to be announced early UK time on Friday.Moreover, the receding Brexit fears has kept global equity markets buoyant and is seen denting demand for safe-haven assets - like the Japanese Yen, which is further extending support for the GBP/JPY cross.The cross might continue to trend higher should the final result does come-out on expected lines that the UK will remain a member of the European Union.From technical perspective, the pair has moved and is sustaining its move back above short-term moving averages (20-day and 50-day SMAs), suggesting that the short-term trend might still left with some more steam.Technical outlookOn a sustained strength above 158.00 level, the cross seems to easily surpass 160.00 psychological mark and head towards testing 161.00 round figure mark ahead of its next major resistance near 162.40-50 region. On the downside, 50-day SMA near 156.50 region, closely followed by 156.00 round figure mark now seems to act as immediate support levels. Failure to hold these immediate supports and a subsequent break below session lows support around 153.50 would turn the pair vulnerable to drop back below 150.00 handle, with intermediate support around 151.50 and 150.50 levels.


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