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Supports: 124.35; 123.67; 123.42
Outlook
The bullish correction, which started yesterday, successfully managed to advance even further, and now the GBP/JPY currency couple is about to test the weekly R1 at 124.79, which might slow down the rally. If it fails to stop the bullish movement, then the price might advance until the upper Bollinger band at 125.14, which is expected to bring some bearish momentum. Nevertheless, RSI indicator shows neutral signal and it is expected to remain unchanged in the nearest future.
Traders' sentiment
Despite the prevailing bullish tendency, traders at SWFX market maintain neutral about the potential strength of the British Pound, since 59% of traders hold bullish positions and 41% of traders hold bearish positions. The situation with orders, however spots some bullish trend expectations, as 68% of traders ordered to buy and only 32% ordered to sell the sterling.