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GBPUSD –The retail forex trading crowd remains heavily long the British Pound versus the US Dollar, and a contrarian view of overall sentiment leaves us in favor of continued GBP declines. Indeed, total long positions are 4.0% higher than yesterday and 16.7% above levels seen last week. Short positions are 4.0% higher than yesterday and 15.0% below levels seen last week.
The combination of current sentiment and recent changes gives a further bearish trading bias.
See next currency section: USDJPY - US Dollar May Continue Lower versus Japanese Yen
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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