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Need to See Important Signs before Calling for British Pound Reversal

Need to See Important Signs before Calling for British Pound Reversal

David Rodriguez, Head of Product
Need to See Important Signs before Calling for British Pound Reversal

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GBPUSD Retail FX traders remain extremely long the British Pound versus the US Dollar, and until we see a turn in sentiment we’ll continue to call for further losses.

Trade Implications – GBPUSD: Yesterday we highlighted key signs which favored a potentially significant GBPUSD bounce. Yet setting price tops and bottoms is a messy process, and it seems as though we were early to call for a reversal. The Sterling will need to hold above key support at its 200-day Simple Moving Average near $1.6650 to have any confidence in a bounce, while we’ll likewise need to see a material turn in retail sentiment before calling for a short-term trend reversal.

See next currency section:USDJPY - US Dollar Offers Trade Opportunities versus Japanese Yen

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

Need to See Important Signs before Calling for British Pound Reversal

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