Forex Trading Crowds Sell British Pound as it Fails at Critical Resistance

| 2 maj, 2013 | 0 kommentarer

ssi_gbp-usd_body_Picture_13.png, Forex Trading Crowds Sell British Pound as it Fails at Critical Resistance

GBPUSD – Aggressive forex crowd selling led our sentiment-based Momentum2 system to buy the British Pound versus the US Dollar, but a GBPUSD stall at critical resistance warns of a potential turnaround.

Trade Implications – GBPUSD: The purely sentiment-based Momentum2 strategy went long GBPUSD from $1.5280 and got taken out by its trailing stop on this morning’s US Dollar bounce (GBPUSD pullback). Similar to the EURUSD, the fact that the month-to-date high on GBP ($1.5605) occurred almost exactly at the US session open on the first day of the new month suggests it could be an important top.

Said peak is likewise the 50% Fibonacci retracement of the year-to-date GBP downtrend, and this is too much of a coincidence to ignore. Crowd sentiment suggests the GBPUSD has further upside, but we’ll actually look to sell against the highs based on forex seasonality patterns and critical technical levels.

Written by David Rodriguez, Quantitative Strategist for DailyFX.com

ssi_gbp-usd_body_1a_1.png, Forex Trading Crowds Sell British Pound as it Fails at Critical Resistance

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