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British Pound Remains a Sell versus the Dollar

British Pound Remains a Sell versus the Dollar

2014-10-23 14:55:00
David Rodriguez, Head of Product
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British Pound Remains a Sell versus the Dollar

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GBPUSDThe FX trading crowd has remained steadily long the British Pound versus the US Dollar, and such consistent positions leave us focused on further Sterling weakness.

Trade Implications – GBPUSD: Our retail FX trader sample has remained steadily long the British Pound since it pair traded below $1.6900. It is certainly worth noting that long interest has fallen to its lowest levels since the GBPUSD failed to trade above $1.70 in July. And yet until we see a more substantial shift in sentiment we see little reason to abandon our long-standing bearish trading bias.

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 - USD Looks like a Buy versus the Yen

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

British Pound Remains a Sell versus the 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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