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British Pound on Verge of Major Reversal

British Pound on Verge of Major Reversal

2016-03-17 15:40:00
David Rodriguez, Head of Product
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British Pound on Verge of Major Reversal

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

GBPUSD– An aggressive shift in retail FX trader sentiment warns that the British Pound may be at the cusp of a major reversal higher. Our data shows the majority of traders have remained long the GBP/USD since it traded above $1.50 through November of last year. Yet many of the same retail speculators are quite nearly net-short the GBP; this marks a substantive shift in sentiment.

It is of course possible that our Speculative Sentiment Index will not flip direction and the GBP/USD will instead continue in its much broader downtrend. The larger US Dollar sell-off nonetheless suggests that traders should watch for near-term GBP/USD gains.

See next currency section: AUDUSD - Australian Dollar Forecast to Gain Further

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

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Contact David via Twitter at http://www.twitter.com/DRodriguezFX

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

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