British Pound May Offer Attractive Opportunity to Buy the Dip
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Trade Implications – GBPUSD: There are currently over 3 retail positions short the British Pound for every one that is long, and indeed the majority of traders have remained short since the pair traded near $1.5150 in July. A hold of a key trendline leaves our technical forecast in favor of continued GBPUSD strength.
--- 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.