British Pound Forecast to Strengthen
GBPUSD – Trading crowds remain heavily net-short the British Pound against the US Dollar, giving contrarian signal to watch for further short-term gains. The ratio of long to short positions in the GBPUSD stands at -2.85 as nearly 74% of traders are short. Yesterday, the ratio was at -2.69 as 73% of open positions were short. In detail, long positions are 7.7% lower than yesterday and 28.8% weaker since last week. Short positions are 0.8% lower than yesterday and 42.1% stronger since last week. Open interest is 2.7% weaker than yesterday and 8.9% above its monthly average. The SSI is a contrarian indicator and signals more GBPUSD gains.
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