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British Pound Looks Likely to Rally Further

British Pound Looks Likely to Rally Further

2016-08-24 16:55:00
David Rodriguez, Head of Product
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British Pound Looks Likely to Rally Further

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

GBPUSD– Retail FX traders are now net-short the British Pound versus the US Dollar for the first time since the pair set a key top near the $1.33 mark, and a contrarian view of ‘crowd’ sentiment leads us to watch for further GBP/USD gains. Our data has otherwise shown heavily one-sided sentiment in favor of buying into Sterling weakness.

It is possible that the more recent flip to selling may mark another short-term top—much as a similar flip preceded key reversals in the past several months of trading. And indeed a hold below key resistance at $1.3371 would keep the overall bearish trend intact. As it stands we will maintain a contrarian bullish bias, but a reversal and a further flip to crowd buying would quickly act as confirmation of a trend turnaround.

See next currency section: USDJPY - US Dollar Remains a Sell versus Japanese Yen

--- Written by David Rodriguez, Senior 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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