British Pound Remains an Attractive Buy Above Key Levels
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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
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