British Pound Expected to Trade Lower
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GBPUSD–Aggressively one-sided retail forex trader sentiment warns that the British Pound may continue lower versus the US Dollar. Our data sample shows that 58 percent of all open retail trader positions in the GBP/USD are long, and a contrarian view of crowd sentiment points to losses.
We will need to see a substantive turn towards GBP-selling to change our USD-bullish trading bias.
See next currency section:USDCAD - US Dollar Likely to Strengthen 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.