British Pound May Have Set a Significant Low versus Dollar
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GBPUSD – The British Pound trades in an exceedingly choppy range versus the US Dollar, but a recent shift in crowd sentiment warns the GBPUSD may soon trade higher.
Trade Implications – GBPUSD: Our retail FX trader positioning data shows the majority of traders turned long GBPUSD as it traded below $1.6900 and remained so until only two days ago. The sharp shift warns that the Sterling may have set a lasting low and may soon trade higher. Yet we will need to see a more sustained shift towards crowd selling to feel further conviction in our calls for GBPUSD strength.
See next currency section:USDJPY - US Dollar Likely to Hit Fresh Highs versus Yen
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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