British Pound May Soon Break Above Key Highs

By DailyFx | June 12, 2014 AAA

DailyFX.com - British Pound May Soon Break Above Key Highs

Receive the Weekly Speculative Sentiment Index report via PDF via David’s e-mail distribution list.

GBPUSD – Retail FX traders have sold into recent British Pound gains, and a contrarian view of crowd sentiment leaves us focused on further GBP advances.

Trade Implications – GBPUSD: Last week we claimed that the British Pound looked at risk of declines as long as retail traders continued buying and the pair respected the post-Nonfarm Payrolls high at $1.6845. Yet our data shows that crowds have since turned to selling as short interest is up 17 percent on the week and longs fall by the same amount. A break above $1.6845 would further confirm that further gains are likely.

See next currency section:USDJPY - Dollar Seems Likely to Bounce versus Yen

comments powered by Disqus
Related Forex Analysis
  1. GBP/USD sitting pretty despite lower CPI’s
    Forex News

    GBP/USD sitting pretty despite lower CPI’s

  2. GBP/USD technical are mixed - Scotiabank
    Forex News

    GBP/USD technical are mixed - Scotiabank

  3. Still solid GDP growth - BNP
    Forex News

    Still solid GDP growth - BNP

  4. GBP/USD extends gains, nears 1.6100
    Forex News

    GBP/USD extends gains, nears 1.6100

  5. USDOLLAR Breaks October Downtrend, GBP’s GDP Rally Fizzles
    Forex News

    USDOLLAR Breaks October Downtrend, GBP’s GDP Rally Fizzles

Trading Center