British Pound Remains at Risk of Further Declines
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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
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.