British Pound Outlook Turns Neutral
GBPUSD – Much like with the Euro/US Dollar, recently range-bound price action in the British Pound/US Dollar pair has led to fairly lackluster readings in our SSI. The ratio of long to short positions in the GBPUSD stands at 1.12 as nearly 53% of traders are long. Yesterday, the ratio was at 1.19 as 54% of open positions were long. In detail, long positions are 1.6% lower than yesterday and 0.8% weaker since last week. Short positions are 4.8% higher than yesterday and 9.0% stronger since last week. Open interest is 1.3% stronger than yesterday and 1.7% above its monthly average. The SSI is a contrarian indicator and gives us a modestly bearish GBP bias.
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