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British Pound Sentiment Hits Multi-Month Extremes

British Pound Sentiment Hits Multi-Month Extremes

David Rodriguez, Head of Product
ssi_gbp-usd_body_Picture_13.png, British Pound Sentiment Hits Multi-Month Extremes

Retail trading crowds have recently sold into British Pound rallies against the US Dollar (ticker: USDOLLAR), and a contrarian reading of crowd behavior calls for further gains. Retail trading crowds are their most aggressively net-short GBP since the currency traded above $1.60 in May.

The fact that the British Pound broke out of its 3-month consolidative range favors further strength, but exceedingly low FX Options market volatility expectations limit enthusiasm for outsized GBPUSD moves. Viewed in light of implied volatility levels, we may indeed see the British Pound consolidate/trade in a range until its next major move higher.

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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