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British Pound Likely to fall to Further Lows

British Pound Likely to fall to Further Lows

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– Retail FX traders are once again net-long the British Pound versus the US Dollar, and a contrarian view of crowd sentiment leaves us in favor of selling into weakness.

Our data shows traders remained net-long GBP/USD as it fell from $1.53 to lows near $1.38 but briefly turned net-short as of last week. A switch back to net-long suggests the longer-term downtrend is once again in effect, and indeed it would take a substantive shift in the opposite direction to change our broadly bearish trading bias.

See next currency section: USDJPY - US Dollar Remains a Sell versus the Japanese Yen

--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com

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Contact David via Twitter at http://www.twitter.com/DRodriguezFX

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

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