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SSI: The Speculative Sentiment Index
| Symbol | LastWeek | Present | %Long | Change: Open Interest |
Signals | Chart Links |
|---|---|---|---|---|---|---|
| EUR/USD | -1.52 | 1.48 | 60%% | 0.5% | bearish | View Chart |
| GBP/USD | -1.70 | 2.05 | 67%% | 1.9% | bearish | View Chart |
| AUD/USD | 1.88 | 5.00 | 83%% | 7.8% | bearish | View Chart |
| EUR/JPY | -1.80 | -2.58 | 28%% | -6.9% | bullish | View Chart |
| GOLD | -1.06 | 1.40 | 58%% | -2.5% | bearish | View Chart |
| SPX500 | -9.25 | -6.08 | 14%% | -1.4% | mixed | View Chart |
The SSI is reported Every Thursday at DailyFX.com and twice every trading day inside DailyFX PLUS.
Smart Money Bets on British Pound Weakness
GBPUSD – Retail FX crowds continue buying aggressively into British Pound tumbles, and our sentiment-based trading strategies remain positioned for further declines.
Trade Implications – GBPUSD: Our proprietary SSI data shows that crowds are now their most net-long GBPUSD since the pair set a multi-year low back in March. That’s obviously a warning sign that the move might be overdone (and GBP could bounce), but context is everything.
It’s entirely possible that the British Pound set a key high on May 1 at $1.5605, and the fact that USD volatility prices continue to surge suggests that professional/institutional traders are positioning for further GBPUSD weakness. We remain in favor of selling any noteworthy GBP bounces as it holds key highs.
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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