GBP/JPY - Golden cross ahead of the UK Supreme Court decision

GBP/JPY daily chart shows a golden cross - bullish crossover between the 50-DMA and 200-DMA - ahead of the critical UK Supreme Court decision.

Trades around 5-DMA

The cross was last seen trading around the 5-DMA of 141.33. The golden cross was confirmed last week. Since then the cross has had a tough time holding above 142.00 levels.

UK Supreme Court will decide today whether PM May must consult the parliament before triggering Article 50 or not.

It is widely believed that if the Supreme Court upholds High Court ruling (barring May to unilaterally trigger talks with the EU), the British Pound would rally.

GBP/JPY Technical Levels

A break above 142.05 (50-DMA) would open doors for 143.00 (zero figure), above which the cross could target 143.85 (Jan 9 high). On the other hand, a breakdown of support at 140.97 (200-DMA) could yield a sell-off to 140.00 (zero figure), under which the losses could be extended to 138.83 (Sep 2 high).