British Pound Rally not Done Just Yet

By DailyFx | July 10, 2014 AAA

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

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