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GBPUSD – Retail forex crowds were recently at their most short the British Pound on record, and an subsequent pullback in positions warns that the GBPUSD likely set a near-term top.
Trade Implications – GBPUSD: A weekly key reversal alongside a major turn in Sterling positioning favors near-term weakness. Our purely sentiment-based Momentum2 trading strategy recently sold GBPUSD but got stopped out at a modest loss. We’ll preferably see Cable break below key support at $1.6628 before taking a more aggressive trading stance.
— Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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