British Pound Shows Early Signs of Turnaround
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GBPUSD –The retail forex trading crowd remains modestly long the British Pound versus the US Dollar, and a contrarian view of herd sentiment gives us a contrarian bearish trading bias. It’s important to note that sentiment has actually moderated since last week; long positions are flat while short positions are up by 8 percent. Yet we would need to see a more sustained shift in sentiment to call for a meaningful reversal.
See next currency section: USDJPY - US Dollar May Have Turned 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.