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British Pound Breakdown Confirmed, Look for Losses

British Pound Breakdown Confirmed, Look for Losses

David Rodriguez, Head of Product
British Pound Breakdown Confirmed, Look for Losses

Receive the Weekly Speculative Sentiment Index report via PDF via David’s e-mail distribution list.

GBPUSD Retail traders are near their most net-long the British Pound versus the US Dollar in over a year, and heavily one-sided sentiment leaves us in favor of continued GBPUSD losses.

Trade Implications – GBPUSD: The majority of traders turned net-long GBPUSD as it traded below $1.70, and this was especially significant given that traders had remained short since it crossed above $1.55. There’s no way to know whether this flip in positioning will lead a move of the same magnitude, and downside momentum seems stretched in the very short term. Yet remaining below $1.70 keeps our focus on trading towards key lows near $1.67.

See next currency section:USDJPY - US Dollar Likely to Remain Capped versus Yen

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

British Pound Breakdown Confirmed, Look for Losses

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