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British Pound Remains in Clear Downtrend, Losses Likely

British Pound Remains in Clear Downtrend, Losses Likely

David Rodriguez, Head of Product
British Pound Remains in Clear Downtrend, Losses Likely

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

GBPUSD – Retail FX traders have bought aggressively into British Pound declines versus the US Dollar, and a contrarian view of crowd sentiment warns that the pair may yet continue lower. Indeed, the number of outstanding GBP/USD-long positions outnumber those short by an impressive 1.8 to 1; this is the most extreme reading since the pair tumbled through early November.

We will need to see a substantive turn towards GBP-selling to change our bearish contrarian 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.

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