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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
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