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British Pound Rally is Impressive, but Can it Really Hold Gains?

British Pound Rally is Impressive, but Can it Really Hold Gains?

David Rodriguez, Head of Product

- British Pound continues to surge despite overstretched price action and sentiment

- Selling into gains is too dangerous until we see signs of a reversal

- Professional trader positions actually suggest Sterling could be near beginning of big move

Video Summary: The British Pound continues to surge, and forex sentiment is at major extremes. These factors suggest it could continue higher, but not before an important reversal.

British Pound Defies Calls for a Short-Term Price Extreme as it Nears Key 2009 High

forex_British_Pound_Forecast_versus_US_Dollar_body_GBPUSD.png, British Pound Rally is Impressive, but Can it Really Hold Gains?

Source: FXCM Trading Station Desktop, Prepared by David Rodriguez.

Disparity Index indicator available on FXCMApps.com

Crowds at their Most Short British Pound on Record

forex_British_Pound_Forecast_versus_US_Dollar_body_Picture_6.png, British Pound Rally is Impressive, but Can it Really Hold Gains?

Data source:FXCM Execution Desk data, Prepared by David Rodriguez

Follow any updates on the British Pound and other currencies via this author’s e-mail distribution list.

--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com David specializes in automated trading strategies. Find out more about our automated sentiment-based strategies on DailyFX PLUS.

Contact and follow David via Twitter: https://twitter.com/DRodriguezFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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