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British Pound May have Made a Lasting Low

British Pound May have Made a Lasting Low

David Rodriguez, Head of Product

Why and how do we use the SSI in trading? View our video and download the free indicator here

GBPUSD– Retail forex traders remain heavily long the British Pound versus the US Dollar, and typically we would treat this as a contrarian signal that price is likely to continue lower. Yet a recent GBP/USD bounce has been met with aggressive selling; signs suggest the tide may be turning.

Ideally we would see sentiment pull back further before completely shifting away from our long-standing bearish trading bias. We’ll keep a close eye on the next moves in both price and crowd positioning.

See next currency section: USDCAD - Canadian Dollar Likely to Gain further versus US Dollar

--- Written by David Rodriguez, Quantitative Strategist for

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