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British Pound Likely to Fall Versus Yen

British Pound Likely to Fall Versus Yen

David Rodriguez, Head of Product
ssi_gbp-jpy_body_Picture_10.png, British Pound Likely to Fall Versus Yen

GBPJPY – Our retail trader sample shows that crowds have recently bought into British Pound weakness against the resilient Japanese Yen, and we view this as contrarian signal that the GBPJPY could continue lower amidst broader market consolidation. The British Pound likewise trades below key Fibonacci and trendline resistance against the Yen; a bearish technical bias lines up with our Speculative Sentiment Index data. Absent a significant shift in the SSI and a GBPJPY break higher, we favor further losses.

How do we interpret and trade with the SSI? Watch an FXCM Expo Presentation that explains the SSI.

--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com

To receive the Speculative Sentiment Index and other reports from this author via e-mail, send a message with subject line “Distribution List” to drodriguez@dailyfx.com; Contact David via Twitter at http://www.twitter.com/DRodriguezFX

Meet the DailyFX team in Las Vegas at the annual FXCM Traders Expo, November 2-4, 2012 at the Rio All Suite Hotel & Casino. For additional information regarding the schedule, workshops and accommodations, visit the FXCM Trading Expo website.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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