British Pound Rally not Done Just Yet

By DailyFx | Updated July 30, 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

You May Also Like

Related Forex Analysis
  1. Forex News

    Weekly Trading Forecast: How Far can the Dollar Go in 2014?

  2. Forex News

    GBP/USD Range in Focus Ahead of U.K. & U.S. 3Q GDP Reports

  3. Forex News

    Sterling between bullish dollar and bearish euro - BBH

  4. Forex News

    US Dollar Targets Fresh Highs versus Euro, but What Could Change?

  5. Forex News

    GBP/USD soft into the closing hours - Scotiabank

Trading Center