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The bullish movement, which started a couple of days ago, has successfully managed to continue, and today the GBP/JPY currency couple experienced another consequent bullish correction, which has already managed to overcome monthly R1 at 134.45. As for now, the price is slowly approaching the psychological resistance of the prevailing bullish price channel, which is expected to reverse the current movement upwards, however, if it fails to slow down the rally, then the currency pair might reach the monthly R2 at 137.29, which in turn is very likely to stop the prevailing trend. Additionally, the overall indicator outlook is still neutral, therefore no significant tendency changes are expected in the nearest future.
Traders' sentiment
SWFX market participants expect the uptrend to continue, since 63% of traders hold bullish positions and only 37% of traders hold bearish positions. As for the orders, the majority of them (83%) are to buy the British Pound, therefore supporting the current movement upwards.
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