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British Pound Targets Fresh Lows versus the US Dollar

British Pound Targets Fresh Lows versus the US Dollar

David Rodriguez, Head of Product
British Pound Targets Fresh Lows versus the US Dollar

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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

British Pound Targets Fresh Lows versus the US Dollar

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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