British Pound Forecast to Decline Further
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GBPUSD –Our retail FX sentiment data shows that traders remain net-long the British Pound versus the US Dollar, and a contrarian view of crowd sentiment leaves us steadily in favor of selling into recent GBP weakness. The Sterling’s failure to close above $1.5650 left it at clear risk, and indeed focus now turns to support in the $1.54-1.55 range.
See next currency section: USDJPY - US Dollar Expected to Gain 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.