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GBPUSD – Heavily one-sided positions warn that the British Pound may continue trading to fresh lows versus the US Dollar.
Trade Implications – GBPUSD: We’ve recently warned that the GBPUSD seemed at a crossroads; several signs pointed to a potential short-term reversal. Yet the Sterling has shown difficulty trading above the psychologically significant $1.66 mark, and it might take a move back above its 200-day simple moving average at $1.6690 to inspire confidence in a bounce. Until that happens we’ll continue to watch for fresh lows.
See next currency section:USDJPY - US Dollar at Make-or-Break Levels versus Japanese Yen
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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