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British Pound Rally not Done Just Yet

British Pound Rally not Done Just Yet

2014-07-10 15:15:00
David Rodriguez, Head of Product
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British Pound Rally not Done Just Yet

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GBPUSD Retail trading crowds remain heavily short the British Pound versus the US Dollar, and a contrarian view of crowd sentiment has left us in favor of further GBP gains.

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

British Pound Rally not Done Just Yet

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