British Pound Declines Slow but not Over Yet
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Trade Implications – GBPUSD: As with other US Dollar pairs, retail crowds have scaled back US Dollar-short positions (GBPUSD longs) since last week. Said fact moderates our calls for further Greenback gains and GBPUSD losses. Yet we will continue to note that positions have remained net-long GBP with few exceptions since it crossed below $1.69 in July. Until this changes we see little justification to shift our bearish trading bias.
See next currency section:USDJPY - Japanese Yen May Have Set Important Low versus Dollar
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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