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The uptrend, which started a couple of days ago, successfully managed to advance even higher, and today the GBP/JPY currency couple experienced another consequent bullish correction. At the particular moment the currency pair is about to test the weekly R1 at 127.05, which might bring some bearish momentum. In case it is breached, then the price is likely to reach the upper Bollinger band at 127.28, which in turn is expected to change the direction of the prevailing tendency. In addition, RSI indicator shows a neutral signal, as well as the overall indicator outlook remains neutral.
Traders' sentiment
SWFX market participants have mixed feelings about the GBP/JPY currency couple, since 53% of traders hold bullish positions and 47% of traders hold bearish positions. The situation with orders, however, shows some uptrend expectations, as 72% of traders ordered to buy and only 28% ordered to sell the British Pound.
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