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British Pound Rally Likely to Remain Intact versus Dollar

British Pound Rally Likely to Remain Intact versus Dollar

2014-05-09 15:05:00
David Rodriguez, Head of Business Development
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British Pound Rally Likely to Remain Intact versus Dollar

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GBPUSD Forex trading crowds remain aggressively short the British Pound versus the US Dollar, and a contrarian view of crowd sentiment leaves us in favor of further gains.

Trade Implications – GBPUSD: We’ve recently seen sentiment moderate off of significant multi-month extremes as traders take profit into the Sterling’s modest pullback. Yet as long as traders remain aggressively short overall, we’ll stick to our calls for GBP gains. Indeed our Senior Technical strategist writes that technical forecasts favor strength as long as the GBPUSD remains above $1.6820.

See next currency section:USDJPY - Joining the Crowd in Buying Dollar versus Yen

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

British Pound Rally Likely to Remain Intact versus Dollar

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