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The bullish correction, which occurred yesterday, has successfully managed to continue, since today the GBP/JPY currency couple experienced another significant movement upwards, which has already managed to breach the 20-day SMA at 127.87, and at the particular moment the price is gradually approaching the upper Bollinger band at 129.44, which might slow down the rally, but if it fails to stop the uptrend, then the currency pair is likely to reach the weekly R2 at 130.21, which in turn might bring some bearish momentum. Moreover, the overall indicator outlook is neutral, therefore no significant trend reversals are expected in the nearest future.
Traders' sentiment
Traders at SWFX market maintain mixed feelings about the GBP/JPY currency pair, since 45% of traders hold bullish positions and 55% of traders hold bearish positions. The distributions of orders spots slight uptrend expectations, as 59% of traders ordered to buy and 41% ordered to sell the British Pound.
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