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Neutral Outlook as Pound Rally Stalls, Retail Moderates Positioning

Neutral Outlook as Pound Rally Stalls, Retail Moderates Positioning

2014-01-16 17:25:00
Christopher Vecchio, CFA, Senior Strategist
Share:
ssi_gbp-usd_body_x0000_i1036.png, Neutral Outlook as Pound Rally Stalls, Retail Moderates Positioning

GBPUSDRetail FX traders remain heavily short the British Pound against the US Dollar, but the recent moderation in positioning as the pair has stalled call for a neutral bias.

Trade Implications – GBPUSD: UK economic data has started to plateau from recent impressive peaks, and with an important December sales report due tomorrow, we may see a short-term resolution to the technical skirmish evident on the charts. The GBPUSD is currently pressing support as the ascending trendline off of the July and November lows near 1.6300/50 – a quick shift in sentiment will be key to watch to determine the viability of a rebound or breakdown from here.

--- Written by Christopher Vecchio, Currency Analyst

To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com

Follow him on Twitter at @CVecchioFX

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