QuantumTradingSoftware
Long

GBP/JPY continues to develop bullish sentiment on the daily char

FX:EURUSD   Euro / U.S. Dollar
The British pound closed with another solid week of gains across the GBP complex with the GBP/JPY continuing to develop bullish sentiment as the Brexit hiatus continues.

Last week’s price action was supported with gently rising volume and the trend monitor has now transitioned from bearish to bullish sentiment and bright blue, with the yellow trend line also rising strongly.

The currency strength indicator to the left also confirms this with the strong buying of the British pound ( the yellow line) matched with strong selling of the Japanese yen ( the magenta line) as we approach the 146 region, where strong potential resistance now awaits. If this level is breached on good volume , then we can expect to see further gains for the pair along with the rest of the complex as the British pound moves deeper into over bought on the daily currency strength indicator.
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