DailyFX.com - British Pound Remains at Risk for Key Reasons

Receive the Weekly Speculative Sentiment Index report via PDF via David’s e-mail distribution list.

GBPUSD – Retail forex traders remain heavily long the British Pound versus the US Dollar, and until that changes we’ll remain in favor of further Sterling weakness.

Trade Implications – GBPUSD: Last week we highlighted key reasons that the GBPUSD may reverse and turn higher. Yet we haven’t seen the material shift in trader sentiment and positions necessary to confirm a price extreme. Our Senior Technical Strategist highlights key support at $1.6565 as a potential price floor, and we would need to see a rally above $1.6737 for a realistic chance at a larger turn higher.

See next currency section:USDJPY - Could Finally be Start of US Dollar Breakout vs Yen

You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    How dovish is the MPC? - Rabobank

  2. Forex News

    GBP/USD Carves Bearish Pattern Ahead of BoE Interest Rate Decision

  3. Forex News

    After collapsing 570 pips in two weeks, GBP/USD closes below 1.5300

  4. Forex News

    GBP vulnerable to the greenback - Scotiabank

  5. Forex News

    UK Services PMI strength due a moderation - TDS

Trading Center