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British Pound Remains a Buy versus US Dollar

By , Quantitative Strategist
09 January 2014 16:20 GMT
ssi_gbp-usd_body_Picture_14.png, British Pound Remains a Buy versus US Dollar

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GBPUSDRetail FX traders remain heavily short the British Pound against the US Dollar, and a contrarian view of crowd sentiment leaves us in favor of further GBPUSD strength.

Trade Implications – GBPUSD: Our purely retail sentiment-based Momentum2 has had mixed results trading the GBP in recent weeks as it trades in a broad and choppy range. But it is likely to go long as the currency trades at fresh month-to-date peaks.

We wouldn’t necessarily advocate getting long ahead of tomorrow’s potentially significant US Nonfarm Payrolls report, but we’ll look to buy into further GBPUSD strength.

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

ssi_gbp-usd_body_Picture_7.png, British Pound Remains a Buy versus US Dollar

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
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09 January 2014 16:20 GMT