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Retail Crowds a bit Too Enthusiastic to Buy GBP at These Levels

Retail Crowds a bit Too Enthusiastic to Buy GBP at These Levels

David Rodriguez, Head of Product
ssi_gbp-usd_body_Picture_15.png, Retail Crowds a bit Too Enthusiastic to Buy GBP at These Levels

GBPUSD – Retail traders have bought into very recent British Pound weakness against the US Dollar (ticker: USDOLLAR), but GBP resilience at key support moderates our contrarian trading bias.

Trade Implications – GBPUSD: Our trend-following Momentum1 system sold the GBPUSD as our Speculative Sentiment Index showed at least 60% of our retail trader sample went long. The system typically does well in long-term trends, and the fact that the GBP is one of the worst-performing G10 currencies year-to-date would normally make us feel good about latching onto said downtrend. Yet we see clear risk that the GBPUSD remains above key support as its most recent correction leaves scope for further gains.

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

To receive the Speculative Sentiment Index and other reports from this author via e-mail, sign up for his distribution list via this link.

ssi_gbp-usd_body_1a_1.png, Retail Crowds a bit Too Enthusiastic to Buy GBP at These Levels

View how to automate the high-volatility Breakout2 Trading System via our previous article and webinar recording.

Auto trade the trend reversal-trading Momentum2system via our previous article and webinar recording.

Trade with strong trends via our Momentum1 Trading System and view an archived webinar

Use our counter-trend Range2 Trading system and view an archived webinar guide on automation

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