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The bearish tendency, which started three days ago, has finally ended, and today the GBP/JPY currency couple experienced a significant bullish correction. As for now, the price is about to test the upper Bollinger band at 125.53, which is expected to change the direction of the prevailing movement. If it fails to stop the uptrend, then next resistance at 125.87 (monthly R1) might slow down the bullish trend. Moreover, RSI indicator still shows a neutral signal, although the overall outlook still remains positive.
Traders' sentiment
Traders at SWFX market maintain optimism regarding the potential strength of the British Pound, as 67% of traders hold long positions and only 33% of traders hold short positions. The orders are distributed in almost the same manner, as 64% traders ordered to buy and 36% ordered to sell the sterling.
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