Our Next Trade in British Pound Depends on Next Week
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Trade Implications – GBPUSD: As long as crowds continue to sell, we will remain in favor of British Pound strength. Yet our Senior Technical Strategist highlights risks that the GBP may have set an important top. If the British Pound has indeed failed and is near an important turn lower, we would expect our Momentum2 strategy to sell GBPUSD as crowds flip direction. The next move seems key.
--- 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.