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GBPUSD – Retail forex trading crowds are extremely short the British Pound versus the US Dollar, and a contrarian view of crowd sentiment suggests the GBPUSD may continue to fresh highs.
Trade Implications – GBPUSD: Slowing upward momentum warns that British Pound gains might come more gradually, but our trading forecast remains in favor of gains as long as ‘the herd’ continues selling. Feasible topside targets include 2009 reaction highs near $1.6877 and $1.6985.
See next currency section:USDJPY - US Dollar Remains at Risk versus the Japanese Yen
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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