GBP Q2 2021 Technical Forecast

As Q1 comes to a close, much of the early quarter gains in GBP/USD have been largely retraced after peaking at 1.4235. Meanwhile, the close below the 50DMA confirms that the pair has topped out in the short-term, in which losses could extend towards the 100DMA and a multi-month rising trendline below. Furthermore, speculative net-long positioning in GBP/USD is nearing stretched levels and thus reinforces the risk that a washout in positioning could take the pair towards 1.35. However, a move to the 200DMA would be a stretch too far in our view, particularly as the prior short-term top (Aug 2020) saw a 5% pullback, … (full story)

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