British Pound Outlook Calls for Gains
GBPUSD – Forex trading crowds have remained net-short the British Pound against the US Dollar since the pair traded near the 1.5600 mark, providing strong contrarian signal to go long. The ratio of long to short positions in the GBPUSD stands at -2.23 as nearly 69% of traders are short. Yesterday, the ratio was at -2.75 as 73% of open positions were short. In detail, long positions are 13.6% higher than yesterday and 25.4% stronger since last week. Short positions are 7.7% lower than yesterday and 13.8% weaker since last week. Open interest is 2.0% weaker than yesterday and 12.7% above its monthly average. The SSI is a contrarian indicator and signals more GBPUSD gains.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.