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British Pound Forecast to Hit Further Highs

British Pound Forecast to Hit Further Highs

David Rodriguez, Head of Product

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GBPUSD A meaningful pullback in retail FX trader sentiment has helped confirm a potentially significant British Pound reversal versus the US Dollar.

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

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