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British Pound Likely to Fall Further

British Pound Likely to Fall Further

David Rodriguez, Head of Product

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

GBPUSD –Our retail FX trader data shows that the majority of traders remain long the British Pound versus the US Dollar, and a contrarian view of crowd sentiment leaves us focused on further short-term weakness. Last week we noted that traders had previously turned net-short for the first time since May, and that served as signal that the pair could be at a key turning point. That signal preceded a major break to the topside, but since then we’ve seen the pair break down and crowds have resumed buying.

And as such, one-sided sentiment now leaves us firmly in favor of selling into GBP declines.

See next currency section: USDJPY - US Dollar Looks like a Sell 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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