British Pound May Soon Break Above Key Highs
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Trade Implications – GBPUSD: Last week we claimed that the British Pound looked at risk of declines as long as retail traders continued buying and the pair respected the post-Nonfarm Payrolls high at $1.6845. Yet our data shows that crowds have since turned to selling as short interest is up 17 percent on the week and longs fall by the same amount. A break above $1.6845 would further confirm that further gains are likely.
See next currency section:USDJPY - Dollar Seems Likely to Bounce versus Yen
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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