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GBPUSD – A major turn in British Pound sentiment helps confirm that the GBPUSD likely set an important short-term top.
Trade Implications – GBPUSD: Three weeks ago we highlighted a weekly key reversal in the Sterling which coincided with a material shift in crowd positions. As with most Dollar pairs, Cable has tried our patience as it traded in a broad consolidative range. Yet the break below key support at $1.6560 as well as a material shift in crowd positions warns that the GBPUSD will likely continue lower through near-term trading.
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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