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British Pound Remains a Sell until we see this Change

British Pound Remains a Sell until we see this Change

David Rodriguez, Head of Product

NEW: View Real-Time SSI Updates via the FXCM Trading Station Desktop

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. Continued failure to break above $1.5650 leaves the next near-term target at support in the $1.54-1.55 range, and we’ll remain bearish until we see a material shift in FX sentiment.

See next currency section: USDJPY - US Dollar Expected to Gain Further 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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