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The downtrend, which started a couple of days ago, has successfully managed to continue, as today the GBP/JPY currency couple experienced another bearish reaction. At the particular moment the price is slowly heading towards the 20-day SMA at 126.98, which will probably bring some bullish impetus. In case it is breached, then the currency pair might reach the 200-day SMA at 126.21, which in turn is very likely to stop the prevailing movement downwards. Nevertheless, the overall indicator outlook is positive, therefore supporting the potential tendency reversal in the nearest future.
Traders' sentiment
SWFX market participants are neutral regarding the GBP/JPY currency pair, as 47% of traders hold long positions an 53% of traders hold short positions. The situation with orders shows slight uptrend expectations, since 67% of traders ordered to buy and 33% ordered to sell the British Pound.
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