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British Pound May Continue to Gain for this Reason

British Pound May Continue to Gain for this Reason

David Rodriguez, Head of Product
ssi_gbp-usd_body_Picture_13.png, British Pound May Continue to Gain for this Reason

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GBPUSDRetail FX traders have sold into recent British Pound gains versus the US Dollar, and a contrarian view of crowd sentiment favors further short-term GBPUSD strength.

Trade Implications – GBPUSD: Last month we highlighted a critical weekly key reversal in the Sterling which coincided with a material shift in crowd positions. And indeed our medium-term focus remains in favor of a lower GBP/USD exchange rate.

Yet the recent build in GBP short positions warns there may be further upside until a larger turn lower. Such a move might likewise coincide with a material reversal in the US Dollar.

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

ssi_gbp-usd_body_Picture_7.png, British Pound May Continue to Gain for this Reason

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

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