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British Pound Remains in Downtrend - Test of Support is Key

British Pound Remains in Downtrend - Test of Support is Key

David Rodriguez, Head of Product

Why and how do we use the SSI in trading? View our video and download the free indicator here

GBPUSD –Consistently one-sided retail forex trader sentiment warns that the British Pound may continue lower versus the US Dollar. A key caveat is that the recent GBP/USD move above $1.5150 leaves little notable resistance until congestion zones surrounding $1.5250 and $1.5350.

We would ideally see a break below resistance-turned-support at $1.5150 to call for further near-term weakness. And yet our retail FX trader sample shows that the majority of traders have remained net-long the GBP/USD since it traded near $1.56 in August; a contrarian view of crowd sentiment keeps our broader trading bias bearish.

See next currency section: USDCAD - US Dollar Targets Multi-Year Highs versus Canadian Dollar

--- Written by David Rodriguez, Quantitative Strategist for

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.