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British Pound Set to Break to Fresh Highs

British Pound Set to Break to Fresh Highs

David Rodriguez, Head of Product
ssi_gbp-usd_body_Picture_10.png, British Pound Set to Break to Fresh Highs

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GBPUSDRetail FX crowds remain heavily short the British Pound against the US Dollar, and a contrarian view of crowd sentiment leaves us in favor of further GBPUSD strength.

Trade Implications – GBPUSD: Crowds have remained short the British Pound since the pair set an important low and crossed above $1.5200 in July, and the fact that there are nearly 3 open orders short for every long gives ample reason to remain bullish GBP.

Our Senior Technical Strategist writes that the GBPUSD seems coiled for its next move higher, and near-term price objectives start at $1.6897.

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

ssi_gbp-usd_body_Picture_11.png, British Pound Set to Break to Fresh Highs

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

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