Need to See Important Signs before Calling for British Pound Reversal
Receive the Weekly Speculative Sentiment Index report via PDF via David’s e-mail distribution list.
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
Automate our SSI-based trading strategies via Mirror Trader free of charge
To receive the Speculative Sentiment Index and other reports from this author via e-mail, sign up for his distribution list via this link.
Contact David via
Twitter at http://www.twitter.com/DRodriguezFX