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British Pound Could Rally into $1.7300

British Pound Could Rally into $1.7300

David Rodriguez, Head of Product
British Pound Could Rally into $1.7300

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GBPUSD Retail FX traders are selling aggressively into British Pound strength as the pair trades to a fresh post-financial crisis high. A contrarian view of crowd sentiment favors further gains.

Trade Implications – GBPUSD: The shift in sentiment was the major reason we called for a British Pound break above key highs in last week’s report, and indeed traders remain heavily short as the pair trades to fresh peaks.

There’s not much in the way of technical resistance for the GBP until the 50% retracement of its 2007-2008 decline near $1.7300. Until retail FX sentiment turns, we’ll remain in favor of Sterling strength.

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

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

British Pound Could Rally into $1.7300

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