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British Pound Targets Fresh Lows versus Resurgent Dollar

British Pound Targets Fresh Lows versus Resurgent Dollar

2014-02-27 16:00:00
David Rodriguez, Head of Product
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ssi_gbp-usd_body_Picture_13.png, British Pound Targets Fresh Lows versus Resurgent Dollar

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GBPUSDRetail forex crowds were recently at their most short the British Pound on record, and an subsequent pullback in positions warns that the GBPUSD likely set a near-term top.

Trade Implications – GBPUSD: A weekly key reversal alongside a major turn in Sterling positioning favors near-term weakness. Our purely sentiment-based Momentum2 trading strategy recently sold GBPUSD but got stopped out at a modest loss. We’ll preferably see Cable break below key support at $1.6628 before taking a more aggressive trading stance.

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

ssi_gbp-usd_body_Picture_7.png, British Pound Targets Fresh Lows versus Resurgent Dollar

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

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