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British Pound Rally May Fail on Substantial Swing in Sentiment

British Pound Rally May Fail on Substantial Swing in Sentiment

2014-02-06 15:45:00
David Rodriguez, Head of Product
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ssi_gbp-usd_body_Picture_15.png, British Pound Rally May Fail on Substantial Swing in Sentiment

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GBPUSDA substantial shift in retail forex sentiment suggests that the British Pound may trade to further lows against the US Dollar and other major counterparts.

Trade Implications – GBPUSD: Crowds have remained short the British Pound since the pair set an important low and crossed above $1.5200 in July, but long interest has surged 62% since last week and short positions have fallen 9%.

Our purely sentiment-based Momentum2 trading strategy sold GBPUSD from $1.6451 on the important turnaround. And indeed our Senior Technical Strategist warns that the larger GBP rally may fail if it closes below key support.

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

ssi_gbp-usd_body_Picture_16.png, British Pound Rally May Fail on Substantial Swing in Sentiment

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

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