British Pound Could Accelerate Higher
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GBPUSD – Retail 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
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