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British Pound Could Accelerate Higher

British Pound Could Accelerate Higher

2014-01-23 15:25:00
David Rodriguez, Head of Product
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ssi_gbp-usd_body_Picture_10.png, British Pound Could Accelerate Higher

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GBPUSDRetail FX traders are their most short the British Pound against the US Dollar since the pair broke towards multi-year peaks in late November, and a contrarian view of crowd sentiment favors further GBPUSD strength.

Trade Implications – GBPUSD: Our purely sentiment-based Momentum2 is now long GBPUSD from $1.6550 as crowds sell into strength. Indeed crowd short positions have jumped 28 percent since last week while longs are down 11 percent.

Our Senior Technical Strategist expects that a move above $1.6600 would leave $1.6900 as the next GBP target.

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

ssi_gbp-usd_body_Picture_9.png, British Pound Could Accelerate Higher

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