British Pound Rally looks at Risk
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Trade Implications – GBPUSD: The trading crowd has remained net-short the GBPUSD since the pair traded above $1.52 almost 11 months ago, and the broader trend clearly favors British Pound strength. Yet the currency’s failure at resistance combined with extremely low market volatility warns that the pair could stick to a tight trading range.
A hold below multi-hear highs near $1.7055 keeps our short-term focus to the downside.
See next currency section:USDJPY - Dollar Poised to Trade off of Lows versus 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.