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Supports: 125.22; 124.97; 124.04
Outlook
The bearish trend, which started two days ago, has failed to continue, and today a significant bullish correction takes place. The GBP/JPY currency couple has already managed to cross the 200-day SMA at 125.22, and now the price is slowly approaching the upper Bollinger band at 83.49, which is expected to slow down the uptrend. If it fails to stop the prevailing bullish tendency, then next resistance at 126.61 (weekly R2) will probably bring some bearish momentum. Nevertheless, RSI indicator shows neutral signal, although it has made a significant move towards the over-bought area.
Traders' sentiment
Traders at SWFX market have mixed feeling about the potential strength of the British Pound, as 54% of traders hold long positions and 46% of traders hold short positions. The distribution of orders, however, shows some uptrend expectations, since 64% of traders ordered to buy and 36% ordered to sell the British Pound.