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Major Shift Warns of Further British Pound Weakness
(MENAFN- DailyFX) Weekly Summary of Forex Trader Sentiment and Changes in Positioning
IG Client Sentiment data shows the majority of traders are now net-long the versus the US Dollar—breaking a two-month trend. A contrarian view of ‘crowd' sentiment warns of declines.
If most traders are long we prefer to be short and vice-versa. And major tumbles following a have been met with aggressive buying. It would take a fairly significant subsequent shift in the opposite direction to shift us from our short-term bearish GBP/USD price forecast.See the links below for our sentiment-based forecasts for the British Pound as well as the , Yen, , Price, and US .
Why and how do we use
--- Written by David Rodriguez, Senior Strategist for DailyFX.com
Contact David viaTwitter at
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