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GBPUSD – Most retail forex traders remain short the British Pound against the US Dollar, and heavily one-sided sentiment suggests the pair could continue onto fresh highs.
Trade Implications – GBPUSD: The low-volatility environment makes a substantial GBP move relatively unlikely, but until we see a material shift in crowd positions we’ll remain in favor of Sterling strength. Our Senior Technical Strategist eyes $1.7300 as the next level of significant price resistance.
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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