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British Pound at Potentially Critical Turning Point

British Pound at Potentially Critical Turning Point

David Rodriguez, Head of Product
British Pound at Potentially Critical Turning Point

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GBPUSDConsistent crowd buying gives a strong contrarian signal that the British Pound may continue lower against the high-flying US Dollar.

Trade Implications – GBPUSD: Approximately 2/3rds of the traders in our sample are currently long the GBPUSD—the highest such ratio since the pair last traded below $1.60 through mid-October. It is entirely possible that heavily one-sided sentiment may in fact favor a short-term correction higher. Yet we will remain focused on GBP weakness and USD gains until we see a material shift in crowd positions.

See next currency section:USDJPY - US Dollar Forecast to Rally further versus Yen

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

British Pound at Potentially Critical Turning Point

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