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  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 93.02%, while traders in US 500 are at opposite extremes with 68.36%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/8OCSgtJeBx
  • there's a bullish channel in here the spans back to last year's q4 $EURJPY support side was tested this morning but bulls making a strong push back-above the 130 handle https://t.co/gHQtawE3BH https://t.co/3XU9kb72f5
  • $EURJPY has mostly been consolidating between the 129.50 and 130.50 levels in April, trading around its highest point since the fall of 2018. The pair hit a fresh multi year high just shy of the 131.00 level earlier this week. $EUR $JPY https://t.co/M9gO4rcOZh
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  • US 10yr Treasury yields are continuing to trade around the 1.56% level today. After stepping back from the pandemic highs hit in late March, the 10yr yield fell to a one month low late last week and has remained around those levels since. $USD https://t.co/sPUXlGYyl9
  • AUD/USD continues to receive good demand from the 0.77 handle, which also coincides with the 100DMA. On the flip side, bears have looked to engage at 0.7800-20. Get your $AUDUSD market update from @JMcQueenFX here:https://t.co/r3UVHcEKSR https://t.co/2IlpVGoBqj
  • NY Fed's GDP Nowcast model sees US Q1 GDP at 6.9% vs. 6.78% in prior week. #Fed $USD
British Pound's Break Higher Shows Promise, We Like Buying

British Pound's Break Higher Shows Promise, We Like Buying

David Rodriguez, Head of Product
ssi_gbp-usd_body_Picture_13.png, British Pound's Break Higher Shows Promise, We Like Buying

GBPUSD – Retail forex trading crowds have become aggressively short the British Pound against the US Dollar (ticker: USDOLLAR) as GBPUSD short orders have surged by 158 percent since last week.

Trade Implications – GBPUSD: Our sentiment-based trading strategies were short GBPUSD as recently as last week, but the impressive shift in crowd sentiment forced our Momentum2 strategy to go long from $1.5192 and more recently from $1.5405.

As with the Euro/US Dollar, our technical forecast first called for a GBPUSD-long position on a break of key resistance 7 days ago. Our GBP trading bias could shift if it falls below Monday’s low at $1.5235, but we favor a move towards key resistance towards $1.5415-1.5500 and sentiment lines up well with our technical bias.

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

Download all of our Sentiment-based trading strategies free via an ongoing promo on FXCMApps.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, British Pound's Break Higher Shows Promise, We Like Buying

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

New to FX markets? Learn more in our video trading guide.

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

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