GBPUSD – Forex trading crowds are aggressively net-long the British Pound against the US Dollar for the first time since early March, and as with the Euro/US Dollar we believe the pair may have set a significant reversal. Just last week we wrote that a sustained break above $1.60 seemed unlikely, and we stand by that forecast. A further gain in retail trading crowd long positions would add credence to our GBPUSD-bearish views, and $1.5770 seems the next important support level to watch on the GBPUSD.
How do we interpret the SSI? Watch an FXCM Expo Presentation that explains the SSI.
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
To receive the SSI via e-mail and other reports from author David Rodríguez, e-mail subject line “Distribution List” to email@example.com; Contact David via Twitter at http://www.twitter.com/DRodriguezFX
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.