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We Favor British Pound Gains Until this Level Gives Way

We Favor British Pound Gains Until this Level Gives Way

David Rodriguez, Head of Product
We Favor British Pound Gains Until this Level Gives Way

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GBPUSD Retail FX traders have sold aggressively recent GBP strength, and a contrarian view of crowd sentiment leaves us looking for further near-term strength.

Trade Implications – GBPUSD: Last week we wrote that the material shift in crowd sentiment warned that the Sterling may have set a lasting top versus the US Dollar. Yet the GBPUSD bounce at key trendline support suggests that there may be further room to the upside.

We’ll need to see a material shift towards retail FX crowd buying to once again favor GBP weakness.

See next currency section:USDJPY - Dollar Remains at Clear Risk versus the Japanese Yen

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

We Favor British Pound Gains Until this Level Gives Way

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

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