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The bearish reaction, which occurred yesterday, has failed to continue today, and today the GBP/JPY currency couple experienced a bullish advance, which has already managed to overcome the weekly R1, and ate the particular moment the currency pair is heading towards the upper Bollinger band at 130.53, which is expected to change the direction of the prevailing tendency, however, if it fails to slow down the movement upwards, then the price will probably reach the weekly R2 at 132.31, which in turn is very likely to stop the uptrend. Moreover, the overall indicator outlook is neutral, therefore no significant trend reversals are expected in the nearest future.
Traders' sentiment
SWFX market participants have strong downtrend expectations, as only 27% of traders hold long positions and almost 73% of traders hold short positions. The distribution of orders is rather neutral, since 56% of traders ordered to buy and 44% ordered to sell the British Pound.
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