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GBPUSD –Our retail FX trader positions shows crowds have remained consistently long the British Pound versus the USD since it traded near $1.70. Steady sentiment favors calls for further weakness.
Trade Implications – GBPUSD: Total positions remain roughly unchanged since last week as the Sterling trades near significant lows. Continued consolidation arguably increases risks that the British currency could soon bounce. Yet we’ll need to see a material turn in crowd sentiment before calling for a change in trend.
See next currency section:USDJPY - Japanese Yen Remains a Clear Sell until this Changes
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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