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