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DailyFX Home / Forex Technical Analysis / Speculative Sentiment Index

SSI: The Speculative Sentiment Index

Symbol LastWeek Present %Long Change:
Open Interest
Signals Chart Links

The SSI is reported Every Thursday at DailyFX.com and twice every trading day inside DailyFX PLUS.


British Pound Breakdown Confirmed, Look for Losses

British Pound Breakdown Confirmed, Look for Losses

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GBPUSD A substantial reversal in the British Pound produced a similarly significant turn in sentiment, and our retail FX positioning data points to further GBPUSD declines.

Trade Implications – GBPUSD: Last week we noted that a shift in crowd sentiment helped confirm an important Sterling turn lower, and indeed our sample shows that the trading herd is now net-long the GBPUSD for the first time since it traded near $1.55 in August, 2013.

The difficulty is now finding an attractive entry point for a short position. The GBPUSD has now fallen in 14 of the past 16 trading days, and momentum is clearly stretched. We remain bearish as long as price remains below $1.70, and there’s little significant support before June lows near $1.67.

See next currency section:USDJPY - Key Factors Favor a Much Larger USDJPY Breakout

--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com

British Pound Breakdown Confirmed, Look for Losses

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