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British Pound May Rally Further versus USD

British Pound May Rally Further versus USD

2014-10-09 16:15:00
David Rodriguez, Head of Product
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British Pound May Rally Further versus USD

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GBPUSD A major shift in trader sentiment warns that the British Pound may trade to further highs versus the suddenly-downtrodden US Dollar.

Trade Implications – GBPUSD: Our retail FX trader sample has remained steadily long the British Pound since it pair traded below $1.6900. Yet total long interest has fallen 22 percent since last week, while short positions are up by 7 percent.

A sustained flip towards crowd selling would help confirm a potentially important GBPUSD price low. And indeed a GBPUSD break above key trendline resistance favors a larger correction higher.

See next currency section:USDJPY - Danger Grows of Larger Correction in USDJPY

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

British Pound May Rally Further versus USD

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

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