British Pound Surges, We’re Bullish Above Key Highs
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GBPUSD – Forex trading crowds have sold aggressively into the British Pound’s most recent surge versus the US Dollar, and our contrarian sentiment-based trading strategies have bought into GBPUSD gains.
Trade Implications – GBPUSD: Past performance is NOT indicative of future results, but our SSI-based Momentum2 strategy has done well trading the GBP through its run towards yearly peaks. The system recently went long from $1.6087 and said position remains attractive as long as we remain above a key short-term pivot at Wednesday’s GBPUSD high.
--- 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.