British Pound Technical Outlook

Published September 8th, 2008 - 06:49 GMT
Al Bawaba
Al Bawaba

Various sentiment measures are extreme and suggest that a turn is imminent.  “COT positioning is the most extreme in its history by some measures (net speculative shorts and net commercial longs).”



13 day RSI finished at its lowest level since the 1970s on Friday.  On the 240 minute chart, divergence with RSI warns of a turn soon as does the structure of the decline, which is in 5 waves.