DailyFX.com - British Pound Rally not Done Just Yet

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

GBPUSD – Retail trading crowds remain heavily short the British Pound versus the US Dollar, and a contrarian view of crowd sentiment has left us in favor of further GBP gains.

Trade Implications – GBPUSD: Last week we wrote that extremely one-sided sentiment warned that the Sterling could soon turn lower, and a break below $1.7000 would act as confirmation of an important reversal. Of course price continues to consolidate near multi-year peaks, and we see little reason to call for a significant turn. Our focus remains on a potential run towards $1.7300 as long as price remains above key support.

See next currency section:USDJPY - Dollar Looks like a Buy versus the Japanese Yen
Filed Under:
Forex pairs in this Article » GBP/USD

comments powered by Disqus