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British Pound Targets Fresh Lows versus US Dollar

British Pound Targets Fresh Lows versus US Dollar

David Rodriguez, Head of Product
British Pound Targets Fresh Lows versus US Dollar

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

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