British Pound Forecast Calls for Further Weakness
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GBPUSD –Indecisive moves in the British Pound have led to similarly indecisive trading crowd sentiment. Yet our data shows retail traders remain net-long the GBPUSD, and a contrarian view leaves us looking for further declines.
Trade Implications – GBPUSD: Until we see a sustained shift towards British Pound selling we will continue to call for GBP weakness. Indeed, crowds remain net-long from when it traded below $1.62 in October.
See next currency section:USDJPY - Japanese Yen Downtrend Remains Intact
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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