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British Pound Sets Stage for Breakdown

British Pound Sets Stage for Breakdown

2012-08-09 15:37:00
David Rodriguez, Head of Product
Share:
ssi_gbp-usd_body_Picture_14.png, British Pound Sets Stage for Breakdown

Retail FX trading crowd sentiment remains effectively neutral on the range-bound British Pound/US Dollar pair, and little movement in both price and positioning gives little reason to expect a major breakout. Our Senior Technical Strategist nonetheless believes that a British Pound breakout is just around the corner, as recently choppy price action may prove a sideways correction ahead of the next major move lower.

Trading below yesterday’s European session low of $1.5570 would give reason to call for further short-term declines from a technical perspective. As far as our sentiment-based trading strategies go, we will need to see a larger shift in retail positioning before calling for a breakdown with any real conviction.

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

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

To receive the Speculative Sentiment Index and other reports from this author via e-mail, send a message with subject line “Distribution List” to drodriguez@dailyfx.com; Contact David via Twitter at http://www.twitter.com/DRodriguezFX

Meet the DailyFX team in Las Vegas at the annual FXCM Traders Expo, November 2-4, 2012 at the Rio All Suite Hotel & Casino. For additional information regarding the schedule, workshops and accommodations, visit the FXCM Trading Expo website.

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

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