British Pound Uptrend Intact as Crowds Sell
GBPUSD – Retail FX traders remain exceedingly net-short the British Pound against the US Dollar (ticker: USDOLLAR), and a contrarian view of crowd sentiment leaves us in favor of further GBPUSD gains.
There is clear risk that the British Pound rally may have stalled at key technical resistance, but joining the crowd in getting short seems ill-advised given broader US Dollar declines.
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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