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Feb 19 - 05:55 AM

GBP/USD - COMMENT-GBP/USD Has Reached A Very Attractive Point To Sell

By Jeremy Boulton  —  Feb 19 - 03:57 AM

Cable has rallied within a hair's breadth of 1.4000 and that is an attractive place to sell.
Techs are bullish and traders have bought few pounds so the outlook may seem positive, but many traders are not speculating and they have good reason to sell.

After Brexit entered the vocabulary, the pound fell, ending ranges of 1.40-1.70 and opening ranges of 1.15-45.
That now well-established range has been heavily used to hedge the pound, and a break from five-year bounds has to be viewed as a low probability.

There should be a great many sellers and more likely those who have pounds to unload will sell more than usual, because this is a rare opportunity to offload sterling at a high level.
For almost five years GBP/USD has traded over 1.4000 for less than 50 days.
Specs may be encouraged by a break.
Non-speculative traders will surely seize the chance to sell with both hands.

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