© Dukascopy Bank SA
The bearish trend, which started yesterday, has successfully managed to continue, as today the GBP/JPY currency pair experienced a slight bearish reaction, and at the particular moment the currency couple is gradually heading towards the weekly S1 at 127.45, which is expected to slow down the downtrend. In case it is breached, then the currency pair might reach the 55-day SMA at 126.87, which in turn is very likely to change the direction of the current movement downwards. Additionally, the overall indicator outlook is bullish, therefore supporting the potential trend reversal in the nearest future.
Traders' sentiment
SWFX market participants are neutral about the GBP/JPY currency couple, as 54% of traders hold long positions and 46% of traders hold short positions. The distribution of orders is almost exactly the same, since 55% of traders ordered to buy and 45% ordered to sell the British Pound.
© Dukascopy Bank SA