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GBPUSD – Retail FX traders have bought into recent British Pound weakness, and a contrarian view of crowd sentiment leaves us focused on further short-term losses.
Trade Implications – GBPUSD: The recent Sterling rally put some doubts on our earlier calls for a material turn lower, but a hold below key resistance at $1.6685 leaves our technical bias bearish. Our crowd sentiment indicator likewise suggests GBPUSD could test fresh lows.
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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