British Pound at Make-or-Break Levels; What’s Next?
Trade Implications – GBPUSD: Our sentiment-based trading strategies have remained aggressively long GBPUSD as crowds head in the opposite direction, and recent outperformance suggests they might continue to do well. But we’re cautious here on the Pound for two reasons: the crowd is often ‘right’ at key market turning points, and the GBPUSD is at a potentially pivotal cyclical turning point.
It will be critical to watch the next week’s worth of price action in the GBP—particularly ahead of the US Fed rate announcement.Receive any and all updates on sentiment on my e-mail distribution list via this link.
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.