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British Pound Likely to Trade to Fresh Peaks

British Pound Likely to Trade to Fresh Peaks

David Rodriguez, Head of Product
British Pound Likely to Trade to Fresh Peaks

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GBPUSD Forex trading crowds are their most short the British Pound since it set an important top through early March. Yet continued selling leaves us steadily in favor of further GBPUSD gains.

Trade Implications – GBPUSD: A break to fresh five-year highs leaves short-term GBP targets at $1.6985 and the post-financial crisis peak of $1.7042. And though price momentum is clearly slow, one-sided retail sentiment keeps focus to the topside.

See next currency section:USDJPY - US Dollar Forecast to Decline versus Japanese Yen

--- Written by David Rodriguez, Quantitative Strategist for

British Pound Likely to Trade to Fresh Peaks

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