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GBPUSD – Retail FX crowds continue selling aggressively into British Pound strength, but we think the GBPUSD may remain below key highs.
Trade Implications – GBPUSD: Last week we highlighted a potentially significant weekly key reversal alongside a major turn in Sterling positioning as a key reason that the GBP would stay below major multi-year peaks. It’s difficult to get excited about buying the US Dollar as it tumbles versus the Euro and other major counterparts, but a GBP hold below $1.6822 leaves us looking for weakness.
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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