British Pound at Risk of Continued Declines
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GBPUSD – Retail FX traders remain steadily long the British Pound versus the US Dollar, and a contrarian view of crowd sentiment warns that the GBP/USD may continue onto fresh lows. Indeed, our data shows that ‘the crowd’ has remained net-long since the pair traded near $1.58 in August. Until this changes we see little reason to abandon our long-standing bearish trading bias.
See next currency section: USDCAD - US Dollar Remains in Control versus Canadian Dollar
--- 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.