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British Pound Likely to Fall Further

British Pound Likely to Fall Further

David Rodriguez, Head of Product
ssi_gbp-usd_body_Picture_12.png, British Pound Likely to Fall Further

GBPUSD – Forex trading crowds are aggressively net-long the British Pound against the US Dollar for the first time since early March, and as with the Euro/US Dollar we believe the pair may have set a significant reversal. Just last week we wrote that a sustained break above $1.60 seemed unlikely, and we stand by that forecast. A further gain in retail trading crowd long positions would add credence to our GBPUSD-bearish views, and $1.5770 seems the next important support level to watch on the GBPUSD.

How do we interpret the SSI? Watch an FXCM Expo Presentation that explains the SSI.

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

To receive the SSI via e-mail and other reports from author David Rodríguez, e-mail subject line “Distribution List” to drodriguez@dailyfx.com; Contact David via Twitter at http://www.twitter.com/DRodriguezFX

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

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