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British Pound Shows Signs of Life on Key Reversal Signals

British Pound Shows Signs of Life on Key Reversal Signals

David Rodriguez, Head of Product
British Pound Shows Signs of Life on Key Reversal Signals

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GBPUSD The British Pound is finally showing signs of turnaround as a key reversal price pattern and shift in sentiment points to further short-term gains.

Trade Implications – GBPUSD: Last week we cited extremely one-sided retail FX trader positioning as a key reason the Sterling would continue lower—open long positions outnumbered those short by 2 to 1. Yet long positions have tumbled by nearly 30 percent while short positions are barely changed.

It is clearly early, but a noteworthy reversal pattern and a shift in sentiment suggests the GBP could bounce further through near-term trading.

See next currency section:USDJPY - Japanese Yen Remains in Control versus US Dollar

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

British Pound Shows Signs of Life on Key Reversal Signals

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

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