GBP/JPY extends gains to above 208 today

The further rebound in the Proud Pound today has delivered yet more gains for the GBP/JPY. The Pound has lifted above 208 for the first time since 2008 and following on from what was said here yesterday about the trend and potential objectives, further investigation reveals the GBP/JPY actually topped out back then at around 214. The fact that from a longer term perspective (really long term in fact) it could extend beyond there was covered here yesterday. Of course much will depend on the Yen side of the equation, as to whether that unfolds or not and that is all about the USD.JPY price action from here on too. The GBP/JPY closed in the US last night at 207.75. It has risen to a high so far today at 208.10. Perhaps levels around 214 might prove to be enough for the Pound this year? Of course that is still some way off and there is no suggestion here the Pound will get to that level. However, the trend higher is still very much in evidence so far today. The GBP/JPY is currently trading at 208.02