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British Pound Fails at Key Resistance, Losses Likely

British Pound Fails at Key Resistance, Losses Likely

David Rodriguez, Head of Product

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GBPUSD –Retail forex traders have bought steadily into British Pound weakness, and a contrarian view of crowd sentiment acts as signal that the GBP/USD may continue lower. Indeed it has now stopped and reversed at important volume-based congestion resistance at $1.5650 for the third time; short-term targets now lie at comparable support near $1.54.

See next currency section: USDJPY - US Dollar Outlook Positive versus Japanese Yen

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

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

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