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Our Next Trade in British Pound Depends on Next Week

Our Next Trade in British Pound Depends on Next Week

2013-10-24 15:00:00
David Rodriguez, Head of Product
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ssi_gbp-usd_body_Picture_15.png, Our Next Trade in British Pound Depends on Next Week

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GBPUSDRetail forex trading crowds remain aggressively short the British Pound versus the US Dollar, and our sentiment-based trading strategies continue to buy into GBPUSD gains.

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

ssi_gbp-usd_body_Picture_16.png, Our Next Trade in British Pound Depends on Next Week

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