The GBP/JPY rallies back to the 183.00 level

The volatility on the GBP/JPY has risen today due to all the recent headlines crossing the newswires regarding the negotiations between Greece and the European Union. At the beginning of the session, the Pound weakened due to the disappointing retail sales report out of the UK, but just a few moments ago the GBP/JPY rallied back to the 183.00 level from the 182.00 level on news that Greece is ready to draft and accept a tentative agreement with the EU officials. From the 183.00, the GBP/JPY may try to bounce back down, but if the bullish momentum persists, then we could see a breakout of that level to the upside.