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The interim downtrend, which started more than a week ago, has successfully managed to continue, as today GBP/JPY experienced another bearish decline, and at the particular moment the currency pair is about to test the 200-day SMA at 126.03, which is expected to stop the current downtrend, however, if it fails to slow down the bearish movement, then the currency couple will probably reach the lower Bollinger band, which in turn is very likely to change the direction of the current movement downwards. In addition, the overall indicator outlook is neutral, and it is expected to remain unchanged in the nearest future.
Traders' sentiment
SWFX market participants maintain mixed feelings about the GBP/JPY currency pair, as 57% of traders hold long positions and 43% of traders hold short positions. The distribution of orders is very similar, since 57% of traders ordered to buy and 43% ordered to sell the British Pound.
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