According to our Senior Strategist Jamie Saettele, technical outlook for the British Pound suggests that a turn is imminent, and a rally through 1.7705 would show that the short-term trend is up. His analysis is based on Elliott Wave counts and also his studies of Sterling-US Dollar Positioning according to the CFTC Commitment of Traders Report.
It seems increasingly likely that the GBPUSD will show a fairly significant rally after such extended declines, and our counter-trend buy indication from DailyFX+ buy/sell signals seems to have a reasonable chance of success. See more Forex Buy/Sell Signals on DailyFX+ and be sure to monitor any updates on these specific signals, as our automated forex signals can and do change on a daily and intraday basis.
