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British Pound Likely to Rally Further as Dollar Turns

British Pound Likely to Rally Further as Dollar Turns

David Rodriguez, Head of Product
British Pound Likely to Rally Further as Dollar Turns

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GBPUSD The British Pound likely turned the corner as a substantial shift in retail FX trader sentiment warns the tides have turned for the GBPUSD.

Trade Implications – GBPUSD: Traders in our sample have remained net-long the British Pound versus the US Dollar from Q2, 2014 with few interruptions. Consistently one-sided sentiment gave us a contrarian signal that the pair could continue lower, but the most recent reading shows that ‘the crowd’ is now net-short for the first time since October, 2014.

The material shift coincides with broader signs of a Dollar reversal, and indeed we favor further upside in the GBPUSD through near-term trading.

See next currency section:USDJPY - US Dollar may Break Down versus Japanese Yen

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

British Pound Likely to Rally Further as Dollar Turns

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