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British Pound Remains in Clear Downtrend

British Pound Remains in Clear Downtrend

David Rodriguez, Head of Product
British Pound Remains in Clear Downtrend

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GBPUSD The British Pound remains in a choppy trading range versus the US Dollar, but overall momentum and one-sided FX trader sentiment favors continued weakness.

Trade Implications – GBPUSD: Our retail FX trader data shows open long positions outnumber those short by 1.5 to 1. This is less extreme than what we saw as the Sterling traded into multi-year lows, but as long as the crowd continues to buy we’ll watch for further weakness.

See next currency section: USDJPY - US Dollar Might have Topped versus Yen

--- Written by David Rodriguez, Quantitative Strategist for

British Pound Remains in Clear Downtrend

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.