The GBP/JPY cross continued scaling higher through the first half of the European trading action and rallied further beyond the 141.00 mark to hit near four-month tops in the last hour. A combination of supporting factors assisted the cross to build on the overnight positive move and gain some strong follow-through traction for the second consecutive session on Thursday. With the latest leg up, the GBP/JPY cross has now rallied over 400 pips from sub-137.00 levels touched on the first day of the current week.
Growing market expectations for an imminent Brexit deal was seen as one of the key factors that provided a strong lift to the British pound. On the other hand, the underlying bullish sentiment in the equity markets undermined the safe-haven Japanese yen. This, in turn, pushed the GBP/JPY cross to the highest level since early September.