British Pound Offers Range Trading vs. Yen
GBPJPY – The British Pound continues to strengthen against the US Dollar and Japanese Yen. Yet relatively neutral retail trading crowd sentiment suggests that a major move higher remains somewhat unlikely. Our Speculative Sentiment Index shows there are 1.11 traders short for every one long. We would ideally see a stronger bias before making a forecast with more conviction, and indeed it seems entirely possible that the pair continues its recent consolidation pattern between ¥128 and ¥132.
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--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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