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British Pound Set to Break to Fresh Highs

January 30, 2014

David Rodriguez

GBPUSD - Retail FX crowds remain heavily short the British Pound against the US Dollar , and a contrarian view of crowd sentiment leaves us in favor of further GBPUSD strength. Trade Implications - GBPUSD: Crowds have remained short the British Pound since the pair set an important low and crossed above $1.5200 in July, and the fact that there are nearly 3 open orders short for every long gives ample reason to remain bullish GBP . Our Senior Technical Strategist writes that the GBPUSD seems coiled for its next move higher, and near-term price objectives start at $1.6897 . Contact David via

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Source: DailyFx

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