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British Pound Forecast to Fall Further

British Pound Forecast to Fall Further

David Rodriguez, Head of Product
ssi_gbp-usd_body_Picture_8.png, British Pound Forecast to Fall Further

Retail FX traders have bought aggressively into British Pound weakness against the (ticker: USDOLLAR), and one-sided sentiment gives consistent signal that the British Pound/US Dollar exchange rate may fall to fresh lows.

Our proprietary Speculative Sentiment Index data shows that approximately 60 percent of retail traders in our sample are currently long the GBPUSD. Indeed, the crowd has been consistently net-long British Pounds against the US Dollar since the pair first crossed below $1.60 in early May. Combined with evidence of a noteworthy GBPUSD top, we favor continued losses through upcoming trade.

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 SSI via e-mail and other reports from author David Rodríguez, e-mail subject line “Distribution List” to drodriguez@dailyfx.com; Contact David via Twitter at http://www.twitter.com/DRodriguezFX

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

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