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British Pound Whipsaws Us Out of Short Positions - Now What?

British Pound Whipsaws Us Out of Short Positions - Now What?

David Rodriguez, Head of Product
ssi_gbp-usd_body_Picture_13.png, British Pound Whipsaws Us Out of Short Positions - Now What?

GBPUSD – Retail traders continue buying into British Pound weakness against the US Dollar (ticker: USDOLLAR) and Japanese Yen, but the dramatic reversal warns against going against the crowd.

Trade Implications – GBPUSD: Our purely sentiment-based Momentum2 strategy most recently sold GBP from $1.5142 and ¥142.41, while the more volatility-friendly Breakout2 system was short from $1.5081. Those positions looked good until we saw an astounding post-ECB reversal in the US Dollar, and in fact the systems are now flat until we see a more substantive breakout or breakdown.

As with the Euro, we would be careful of potential whipsaws here as we trade between key support and resistance—keep stops tight and leverage low.

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

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ssi_gbp-usd_body_1a_1.png, British Pound Whipsaws Us Out of Short Positions - Now What?

View how to automate the high-volatility Breakout2 Trading System via our previous article and webinar recording.

Auto trade the trend reversal-trading Momentum2system via our previous article and webinar recording.

Trade with strong trends via our Momentum1 Trading System and view an archived webinar

Use our counter-trend Range2 Trading system and view an archived webinar guide on automation

New to FX markets? Learn more in our video trading guide.

Contact David via

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

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