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British Pound Rally looks at Risk

British Pound Rally looks at Risk

David Rodriguez, Head of Product
British Pound Rally looks at Risk

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GBPUSD Retail forex traders are aggressively short the British Pound against the US Dollar, and continued failure at key highs warns of a potential turn lower in the GBP.

Trade Implications – GBPUSD: The trading crowd has remained net-short the GBPUSD since the pair traded above $1.52 almost 11 months ago, and the broader trend clearly favors British Pound strength. Yet the currency’s failure at resistance combined with extremely low market volatility warns that the pair could stick to a tight trading range.

A hold below multi-hear highs near $1.7055 keeps our short-term focus to the downside.

See next currency section:USDJPY - Dollar Poised to Trade off of Lows versus Yen

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

British Pound Rally looks at Risk

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