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British Pound Forecast (GBPUSD) Sterling Helpless in The Face of US Dollar Dominance
As we close out the week, the overarching driver of price action in the FX market is US dollar strength and its dominance over all other major currencies. EUR/USD has just printed a near two-year low of 1.0885, while GBP/USD has just changed hands at 1.3220, over ten big figures below its June 2021 high of 1.4242. While Sterling is weak, a substantial portion of this sell-off is US dollar driven and with little or no reason for the USD to fade any of its recent gains, cable is likely to test support between 1.3160 and 1.3200. Retail trader data show 60.81% of traders are net-long with the ratio of traders long to ... (full story)