British Pound Forecast to Hit Further Highs
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Trade Implications – GBPUSD: Last week we noted a material shift in retail trader positions as a key warning that the GBP could continue higher. Traders had remained mostly net-long the GBPUSD from Q2, 2014 but had turned net-short. And though our data shows that ‘the crowd’ is now very modestly net-long, the much larger jump in overall short positions gives us contrarian signal that the GBP may continue higher.
See next currency section:USDJPY - US Dollar Likely to Remain in Range versus Yen
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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