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GBP May Bounce, but Wait until After Scotland to Trade

GBP May Bounce, but Wait until After Scotland to Trade

David Rodriguez, Head of Product
GBP May Bounce, but Wait until After Scotland to Trade

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GBPUSD Last week we noted that a substantial shift in British Pound sentiment warned a bounce was imminent, and indeed we see mounting evidence that the GBP could bounce further.

Trade Implications – GBPUSD: The critical question is nonetheless simple: until we have the results of the highly-anticipated Scotland vote, there’s no telling where the GBP might go. We price out the probabilities on the Scotland vote based on derivatives pricing. And though a bounce does in fact seem likely, there is too much uncertainty to argue in favor of getting long before the result. We will update our sentiment-based forecasts once everything is said and done.

See next currency section:USDJPY - US Dollar Targets ¥110 versus Japanese Yen

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

GBP May Bounce, but Wait until After Scotland to Trade

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

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