
Receive the Weekly Speculative Sentiment Index report via PDF via David’s e-mail distribution list.
GBPUSD – A substantial shift in crowd sentiment suggests that the British Pound may have set a lasting top versus the resurgent US Dollar.
Trade Implications – GBPUSD: The trading crowd remains net-short GBP, but a surge in buying leaves total long interest at its highest since the pair traded near $1.53 in July of last year.
We typically trade against the crowd, and the fact that they’re bought heavily leaves us in favor of further weakness. A break of 6-month GBPUSD trendline support warns that further declines are likely. Prominent support is at $1.6560, while nearby resistance is at $1.6814.
See next currency section:USDJPY - Dollar Offers Trading Opportunities versus Yen
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com

Automate our SSI-based trading strategies via Mirror Trader free of charge
To receive the Speculative Sentiment Index and other reports from this author via e-mail, sign up for his distribution list via this link.
Contact David via
Twitter at http://www.twitter.com/DRodriguezFX