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

You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    Slowdown in UK economic activity in Q1 was temporary - Lloyds Bank

  2. Forex News

    Pound May Rise as 2Q UK GDP Data Boosts BOE Rate Hike Bets

  3. Forex News

    GBP/USD: stuck between 5-DMA and 10-DMA, awaits UK data

  4. Forex News

    GBP/USD ticks higher ahead of the UK GDP data

  5. Forex News

    GBP/USD Technical Analysis: Pound Attempts Recovery

Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!