British Pound Likely to Test Key Highs versus US Dollar
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Trade Implications – GBPUSD: Our purely sentiment-based Momentum2 strategy most recently sold into GBPUSD weakness and closed out the position at a modest gain. Yet traders continue selling into the recent British Pound bounce, and in fact the same strategy may soon go in the opposite direction. Our Senior Technical Strategist nonetheless warns that a GBP stall at range highs would favor the downside.
--- 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.