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British Pound Fails at Key Resistance, Losses Likely

British Pound Fails at Key Resistance, Losses Likely

David Rodriguez, Head of Product
British Pound Fails at Key Resistance, Losses Likely

Receive the Weekly Speculative Sentiment Index report via PDF via David’s e-mail distribution list.

GBPUSD Retail forex traders have bought steadily into British Pound weakness, and a contrarian view of crowd sentiment acts as signal that the GBP/USD may continue lower. Indeed it has now stopped and reversed at important volume-based congestion resistance at $1.5650 for the third time; short-term targets now lie at comparable support near $1.54.

See next currency section:USDJPY - US Dollar Outlook Positive 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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