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British Pound at Continued Risk of Declines Until this Changes

British Pound at Continued Risk of Declines Until this Changes

David Rodriguez, Head of Product

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

GBPUSD –Retail FX traders remain marginally net-long the British Pound, and a contrarian view of crowd sentiment would typically lead us to call for GBP weakness. And indeed continued failure at major volume-based resistance near $1.5650 remains a key warning; inability to close higher leaves the pair vulnerable to near-term weakness.

It is certainly worth noting that crowds recently turned net-short the GBP/USD for the first time since May, and such shifts in sentiment often occur at key turning points. Yet we’ll need to see considerably more upside traction before taking a strong bias in favor of GBP gains.

See next currency section: USDJPY - US Dollar at Risk of Larger Declines 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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