Careful on British Pound - Imminent Risk of Further Declines
GBPUSD – Our retail sentiment trading sample shows traders have most recently bought into British Pound weakness, and our technical GBPUSD forecast suggests a short-term top may be in place.
Trade Implications – GBPUSD: Past performance is not indicative of future results, but the Momentum2 system has done well trading the GBPUSD through recent price action and recently captured modest profits on a long position. It may soon flip directions and go short if this is indeed the start of a short-term turn.
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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