British Pound Could Fall Further
GBPUSD – Forex trading crowds remain heavily net-long the British Pound against the US Dollar, but a more recent moderation in crowd sentiment waters down our previous bearish bias. The ratio of long to short positions in the GBPUSD stands at 1.47 as nearly 59% of traders are long. Yet yesterday that same ratio was at 3.38 as 77% of open positions were long. Long positions are a noteworthy 9.2% lower than yesterday, while short positions have surged 109.7% through the same stretch. The net-long bias means the overall trend points lower, but the sharp moderation in positioning waters down our calls for declines.
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