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British Pound Remains an Attractive Buy Above Key Levels

British Pound Remains an Attractive Buy Above Key Levels

David Rodriguez, Head of Product
ssi_gbp-usd_body_Picture_17.png, British Pound Remains an Attractive Buy Above Key Levels

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GBPUSDRetail forex traders continue selling into British Pound strength, and a contrarian view of crowd sentiment leaves us in favor of further GBPUSD gains.

Trade Implications – GBPUSD: Our purely sentiment-based Momentum2 strategy has done well buying into GBP gains, but it’s worth noting that it most recently sold from $1.6351. While crowds remain heavily short, long interest has risen 5 percent since last week while short positions have fallen by the same.

It’s nonetheless early to call for a top, and indeed a hold above $1.6325 leaves focus on a retest of the highs.

--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com

ssi_gbp-usd_body_Picture_7.png, British Pound Remains an Attractive Buy Above Key Levels

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

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