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British Pound Offers Attractive Opportunity to Sell

British Pound Offers Attractive Opportunity to Sell

David Rodriguez, Head of Product
ssi_gbp-usd_body_Picture_15.png, British Pound Offers Attractive Opportunity to Sell

GBPUSDRetail FX traders are near their most short the British Pound against the US Dollar since it set its $1.6150, and extremely low volatility prices suggest the GBPUSD will fail at major peaks.

Trade Implications – GBPUSD: Our sentiment-based trading strategies have done especially well buying GBP as crowds sell, but future performance could suffer as our data shows most traders have done well in low-volatility conditions.

We would rather play the probabilities here: forex volatility prices are near year-to-date lows, and we put low odds on a major GBPUSD break higher. This runs counter to our typical view of retail trader sentiment, but we prefer joining the crowd and selling against the GBPUSD highs.

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

ssi_gbp-usd_body_Picture_16.png, British Pound Offers Attractive Opportunity to Sell

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

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