British Pound Poised to test Major Highs
GBPUSD – Retail forex trading crowds remain their most aggressively short the British Pound versus the US Dollar since it traded to $1.67, and a contrarian view of crowd sentiment favors GBPUSD strength.
Trade Implications – GBPUSD: Our sentiment-based trading strategies have continued buying into GBPUSD gains as crowds do the opposite, and we like trading the Momentum2 system across GBP pairs until further notice. As long as crowds remain short and continue selling, we’ll continue going against them.
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--- 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.