Major Shift Warns of Further British Pound Weakness
Weekly Summary of Forex Trader Sentiment and Changes in Positioning
If most traders are long we prefer to be short and vice-versa. And major GBP/USD tumbles following a shock-result in the UK Elections have been met with aggressive buying. It would take a fairly significant subsequent shift in the opposite direction to shift us from our short-term bearish GBP/USD price forecast.
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--- Written by David Rodriguez, Senior Strategist for DailyFX.com
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.