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GBP May Bounce, but Wait until After Scotland to Trade

GBP May Bounce, but Wait until After Scotland to Trade

2014-09-18 17:00:00
David Rodriguez, Head of Product
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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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