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British Pound Sees Nowhere to go but Down

British Pound Sees Nowhere to go but Down

2013-05-23 14:45:00
David Rodriguez, Head of Product
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ssi_gbp-usd_body_Picture_11.png, British Pound Sees Nowhere to go but Down

GBPUSD – The British Pound continues to hit lows and retail forex trading crowds remain heavily net-long—we see plenty of room for further GBPUSD declines.

Trade Implications – GBPUSD: Last week we highlighted that retail traders were their most net-long GBP since it hit multi-year lows in March, and that warned that we could see a short-term bounce.

Yet our Speculative Sentiment Index (SSI) shows traders have not stopped buying, and indeed our Senior Technical Strategist believes that a GBPUSD move toward $1.4900 is likely before any important bounce. This fits in very well with our broader calls for a US Dollar surge.

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

ssi_gbp-usd_body_1a_1.png, British Pound Sees Nowhere to go but Down

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

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