GBP/USD Rally Is Just Getting Started!

GBP/USD is right now the most coveted currency amongst the traders. Traders are betting on a rally that pushed GBP/USD to its strongest level since 2008. Hedge Funds and other large speculators are more bullish on GBP than anyother currency. GBP/USD has climbed above the 1.70 level since August 2007.

“In a world that’s been starved of significant moves, which has become used to low volatility in the foreign-exchange market, when something like this suddenly emerges, you could see quite a big move develop,” Simon Derrick, the chief currency strategist at Bank of New York Mellon Corp. in London, said in a June 19 phone interview. “For the last few years clearly you’ve been in a $1.50-$1.70 world, so the idea you could suddenly break through that opens up a lot of new territory.”

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