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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
British Pound at Continued Risk of Declines Until this Changes

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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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