GBPUSD At Support, RSI and Stochastic Suggest Oversold
The crowd may be right on their net long position for a few reasons. Price action has hit support while the Chaikin an stochastic oscillators suggest the pound is severely oversold. The UK is ready to gear up for EU Parliamentary elections on the other hand. Since the center left and center right pro-remain parties refuse to coordinate for an electoral and tactical win, you may be reading a headline in the not so distance future that Brexit parties win in these elections. This may influence the pound, but Brexit forces throughout the year were shrugged off on notions of a deal which is yet to be determined.
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