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British Pound May Soon Break Above Key Highs

British Pound May Soon Break Above Key Highs

David Rodriguez, Head of Product
British Pound May Soon Break Above Key Highs

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GBPUSD Retail FX traders have sold into recent British Pound gains, and a contrarian view of crowd sentiment leaves us focused on further GBP advances.

Trade Implications – GBPUSD: Last week we claimed that the British Pound looked at risk of declines as long as retail traders continued buying and the pair respected the post-Nonfarm Payrolls high at $1.6845. Yet our data shows that crowds have since turned to selling as short interest is up 17 percent on the week and longs fall by the same amount. A break above $1.6845 would further confirm that further gains are likely.

See next currency section:USDJPY - Dollar Seems Likely to Bounce versus Yen

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

British Pound May Soon Break Above Key Highs

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

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