GBPJPY Pound Sterling vs Japanese Yen

The pound retreated from its early highs against its major counterparts in the European session on Tuesday, after Germany rejected media reports that Merkel is likely to give a five-year limit to the Northern Ireland backstop proposal in the Brexit withdrawal agreement.

Earlier, there were rumors that Merkel might put a time-limit on the Northern Irish backstop clause contained in the Brexit withdrawal deal.

The pound lifted up following the news, but gave up its gain after a German government spokesperson denied media reports that Merkel is willing to reopen the withdrawal agreement and accept a time-limit to the backstop.

British Prime Minister Theresa May is holding last-minute Brexit talks with the leaders of Germany and France, to urge them to back her request to delay Brexit again until 30 June.

The EU's chief negotiator Michel Barnier said that the duration of the further postponement beyond the current date of April 12 would depend on the justification given by May.

"The duration of an extension - it has got to be in line with the purpose of any such extension."

Meanwhile, European stocks were mostly higher, as investors shrugged off the U.S. threat of tariffs on a range of products and looked ahead to a slew of key events this week for direction.

Chinese Premier Li Keqiang and EU institution leaders will be meeting today in Brussels for an annual EU-China summit that's likely to be overshadowed by their differences.

The currency was trading higher against its major counterparts in the Asian session.

The pound retreated to 1.3055 against the greenback, from a 4-day high of 1.3121 hit at 4:30 am ET. The next likely support for the pound is seen around the 1.29 level.

The pound fell to 145.24 against the yen, after rising to a 4-day high of 146.05 at 4:30 am ET. The pound is seen finding support around the 143.00 level.

Following a 4-day high of 1.3100 hit at 4:30 am ET, the pound reversed direction and dropped back to 1.3041 against the franc. If the pound drops further, 1.29 is possibly seen as its next support level.

The pound depreciated to 0.8644 against the euro, down from a high of 0.8594 seen at 4:30 am ET. On the downside, 0.88 is possibly seen as the next support level for the pound.

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