mrTylerDurden

Is GBP in overbought territory?

FX:GBPUSD   British Pound/U.S. Dollar
70 0 0
GBPUSD             behaves like EURUSD             , but unlike EURUSD             , GBP was not in a downtrend before it went up and traded range-bound at1.57-1.56300. Now the correlation with EURUSD             is reaching absolute values, which means that the currency is also in overbought territory and I think that it’s dangerous to keep buying. I would recommend refraining from launching positions until next week.
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