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British Pound Remains at Risk of Further Declines

British Pound Remains at Risk of Further Declines

2014-06-05 15:25:00
David Rodriguez, Head of Product
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British Pound Remains at Risk of Further Declines

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GBPUSD The British Pound may be at risk of continued losses on a significant shift in forex trading crowd sentiment.

Trade Implications – GBPUSD: Total trading crowd buying in the GBP remains near its highest since the pair bottomed near $1.53, and a further build would help confirm a lasting turn lower. And indeed our Senior Technical Strategist sees reasons that GBPUSD is likely to fall further assuming that it remains below $1.5900. A break higher would negate our bearish trading bias.

See next currency section:USDJPY - Dollar Remains a Sell versus Japanese Yen

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

British Pound Remains at Risk of Further Declines

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