British Pound Rally not Done Just Yet
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Trade Implications – GBPUSD: Last week we wrote that extremely one-sided sentiment warned that the Sterling could soon turn lower, and a break below $1.7000 would act as confirmation of an important reversal. Of course price continues to consolidate near multi-year peaks, and we see little reason to call for a significant turn. Our focus remains on a potential run towards $1.7300 as long as price remains above key support.
See next currency section:USDJPY - Dollar Looks like a Buy versus the Japanese Yen
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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