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New Lows for GBPUSD as Retail FX Takes Profit on Shorts

New Lows for GBPUSD as Retail FX Takes Profit on Shorts

2013-10-10 17:05:00
Christopher Vecchio, CFA, Sr. Currency Strategist
Share:
ssi_gbp-usd_body_x0000_i1034.png, New Lows for GBPUSD as Retail FX Takes Profit on Shorts

GBPUSDRetail FX traders remain short the British Pound versus the US Dollar, but sentiment has eased away from a record extreme, suggesting that $1.6300 may yet again serve as a top for the GBPUSD.

Trade Implications – GBPUSD: As with the Euro, we believe that such one-sided sentiment favors a near-term GBPUSD top. Our sentiment-based trading strategies have done especially well buying GBP as crowds sell, and our Momentum2 could catch a major turning point if they suddenly go in the opposite direction.

The data itself shows the dangers of trying to time a major price reversal; crowds have been short since the GBPUSD crossed above $1.5200 in August 2012. We’ll need to see evidence of a turn before joining them – a continuing easing of sentiment will suffice.

--- Written by Christopher Vecchio, Currency Analyst for DailyFX.com

ssi_gbp-usd_body_x0000_i1039.png, New Lows for GBPUSD as Retail FX Takes Profit on Shorts

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Contact Christopher via email at cvecchio@dailyfx.com.

Twitter at http://www.twitter.com/CVecchioFX

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