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British Pound Likely to Test Key Highs versus US Dollar

British Pound Likely to Test Key Highs versus US Dollar

David Rodriguez, Head of Product
ssi_gbp-usd_body_Picture_15.png, British Pound Likely to Test Key Highs versus US Dollar

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GBPUSDRetail forex traders have sold aggressively into the recent British Pound bounce, leaving us in favor of further short-term GBPUSD gains.

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

ssi_gbp-usd_body_Picture_9.png, British Pound Likely to Test Key Highs versus US Dollar

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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