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British Pound Once again at Brink - Now What?

British Pound Once again at Brink - Now What?

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-short the British Pound versus the US Dollar, and a contrarian view of ‘crowd’ sentiment points to further British Pound strength. We’re admittedly left in somewhat of a difficult position; the recent shift is not enough to completely change our longer-term bearish bias. Yet a rally above key resistance at $1.3357 would act as confirmation of a bigger trend turnaround.

It was just a week ago we made much the same claim and yet the GBP turned lower, and we can’t rule out a similar fake-out this time around. We would ideally see a more sustained break higher and consistent retail FX crowd selling in order to call for a true GBP/USD trend change.

See next currency section: USDJPY - US Dollar Shows Signs of Life versus Yen

--- Written by David Rodriguez, Senior Strategist for

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