British Pound Likely to Break to Fresh 5-Year Highs
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GBPUSD – Forex trading crowds have sold aggressively into the British Pound’s rally towards multi-year peaks. When the herd hurries in one direction, it is often time to go in the other.
Trade Implications – GBPUSD: Sterling strength leaves it at a “huge breakout level again,” , and one-sided positions favor a break higher. Indeed our Senior Technical Strategist writes that only a GBPUSD move below $1.6662 would negate current calls for continued strength.
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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