GBP/JPY Technical Analysis: Rallies back above 144.00 mark, but lacks follow-through

   •  The cross once again managed to find decent support near the 142.60-50 horizontal zone and rallied back above the 144.00 handle in the last hour.

   •  Comments by the EU's Barnier, saying that they are open to discussing other backstops with regards to the Irish border, turned out to be a key factor behind the sudden spike. 

   •  Given that the cross jumped back above 200-hour SMA, positive technical indicators on the 1-hourly chart now support prospects for additional intraday gains.

   •  The up-move, however, is likely to confront some stiff resistance at a short-term descending trend-line, extending from August 30, and might cap additional gains.

GBP/JPY 1-hourly chart

Spot Rate: 144.05
Daily High: 144.39
Daily Low: 142.61
Trend: Intraday bullish

Resistance
R1: 144.39 (current day swing high)
R2: 144.70 (descending trend-line hurdle)
R3: 145.00 (psychological round figure mark)

Support
S1: 143.47 (daily pivot-point)
S2: 143.00 (round figure mark)
S3: 142.60 (horizontal zone)