British Pound Could Accelerate Higher

DailyFX

View photo

.
ssi_gbp-usd_body_Picture_10.png, British Pound Could Accelerate Higher

Receive the Weekly Speculative Sentiment Index report via PDF via David’s e-mail distribution list.

GBPUSDRetail FX traders are their most short the British Pound against the US Dollar since the pair broke towards multi-year peaks in late November, and a contrarian view of crowd sentiment favors further GBPUSD strength.

Trade Implications – GBPUSD: Our purely sentiment-based Momentum2 is now long GBPUSD from $1.6550 as crowds sell into strength. Indeed crowd short positions have jumped 28 percent since last week while longs are down 11 percent.

Our Senior Technical Strategist expects that a move above $1.6600 would leave $1.6900 as the next GBP target.

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

ssi_gbp-usd_body_Picture_9.png, British Pound Could Accelerate Higher

Automate our SSI-based trading strategies via Mirror Trader free of charge

To receive the Speculative Sentiment Index and other reports from this author via e-mail, sign up for his distribution list via this link.

Contact Christopher via

Twitter at http://www.twitter.com/CVecchioFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.

View Comments