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British Pound Likely to Depreciate through Near-Term Trading

British Pound Likely to Depreciate through Near-Term Trading

David Rodriguez, Head of Product
British Pound Likely to Depreciate through Near-Term Trading

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GBPUSD Retail FX trading crowds continue buying aggressively into British Pound weakness, and a contrarian view of ‘herd’ sentiment keeps us watching for further GBP declines.

Trade Implications – GBPUSD: Our trader sample shows that GBPUSD long positions outnumber short positions by 2 to 1—nearly 70 percent long. Such clearly one-sided sentiment often coincides with important turns in price action, but those sentiment extremes are only clear in hindsight.

We will remain focused on British Pound selling opportunities absent a material change in positions.

See next currency section:USDJPY - Japanese Yen Could Claw Back Losses versus US Dollar

--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com

British Pound Likely to Depreciate through Near-Term Trading

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

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