British Pound Rally at Risk but We’re Not Selling Yet
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Trade Implications – GBPUSD: Our purely sentiment-based Momentum2 strategy has done well going against the crowd, and indeed the strategy recently closed a GBPUSD-long position at a modest gain.
The key risk to the British Pound is that it could continue to fail near significant multi-year range highs. We would nonetheless wait for a substantive shift in retail positioning before getting short.
--- 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.