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The uptrend, which started a couple of days ago, has failed to continue, as the price rebounded from the monthly R1 at 134.88, and at the particular moment GBP/JPY is slowly moving towards the upper Bollinger band at 134.33, which might bring some bullish impulse, however, if it it broken, then the currency couple will probably reach the weekly R2 at 133.63, which in turn might slow down the current movement downwards. Additionally, the overall indicator outlook is neutral, therefore no significant tendency changes are expected in the nearest future.
Traders' sentiment
SWFX market participants have slight downtrend expectations, since 40% of traders hold long positions and 60% of traders hold short positions. The distribution of orders spots very strong bullish trend expectations, as 74% of traders ordered to buy and only 26% ordered to sell the British Pound.
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