GBPUSD – Retail forex traders remain heavily long the British Pound versus the US Dollar, and until that changes we’ll remain in favor of further Sterling weakness.
Trade Implications – GBPUSD: Last week we highlighted key reasons that the GBPUSD may reverse and turn higher. Yet we haven’t seen the material shift in trader sentiment and positions necessary to confirm a price extreme. Our Senior Technical Strategist highlights key support at $1.6565 as a potential price floor, and we would need to see a rally above $1.6737 for a realistic chance at a larger turn higher.
Please note the information on this website is intended for retail customers only, and not for any Eligible Contract Participants (i.e., institutional clients) as defined in the Commodity Exchange Act §1(a)(12).