British Pound May Rally Further versus USD
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Trade Implications – GBPUSD: Our retail FX trader sample has remained steadily long the British Pound since it pair traded below $1.6900. Yet total long interest has fallen 22 percent since last week, while short positions are up by 7 percent.
A sustained flip towards crowd selling would help confirm a potentially important GBPUSD price low. And indeed a GBPUSD break above key trendline resistance favors a larger correction higher.
See next currency section:USDJPY - Danger Grows of Larger Correction in USDJPY
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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