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