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The bearish tendency, which started two days ago, has successfully managed to continue, as today GBP/JPY experienced another significant bearish movement, and now the currency couple confronts the lower Bollinger band at 125.98, which is very likely to reverse the prevailing tendency, however, if it fails to slow down the downtrend, then the price might reach the weekly S3 at 124.88, which in turn will probably bring some bullish impulse. In addition, the overall indicator outlook is bullish, therefore supporting the potential tendency reversal in the nearest future.
Traders' sentiment
SWFX market participants maintain mixed feelings regarding the GBP/JPY currency couple, since 55% of traders hold long positions and 45% of traders hold short positions. The orders are distributed rather neutrally, as 58% of traders ordered to buy and 42% ordered to sell the British Pound.
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