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FOREX ANALYSIS: British Pound Poised for Strength

By , Quantitative Strategist
29 November 2012 15:35 GMT
ssi_gbp-usd_body_Picture_5.png, FOREX ANALYSIS: British Pound Poised for Strength

GBPUSD – Retail forex traders continue selling into British Pound strength against the US Dollar (ticker: USDOLLAR), and a contrarian view of crowd sentiment leaves us in favor of further GBPUSD gains.

One of our sentiment-based trading strategies has most recently gone long the GBPUSD, but it will be important to watch whether the GBP clears key technical resistance at $1.6174. Yet the broader USD downtrend leaves us in favor of continued GBPUSD strength.

--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com

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29 November 2012 15:35 GMT