British Pound Outlook Calls for Losses
GBPUSD – Forex trading crowds have now turned noticeably net-long the British Pound against the US Dollar for the first time since early January, giving contrarian signal to go short the GBPUSD. The ratio of long to short positions in the GBPUSD stands at 1.35 as nearly 57% of traders are long. Yesterday, the ratio was at -1.27 as 56% of open positions were short. In detail, long positions are 39.7% higher than yesterday and 34.4% stronger since last week. Short positions are 18.2% lower than yesterday and 33.6% weaker since last week. Open interest is 7.4% stronger than yesterday and 3.2% above its monthly average. The SSI is a contrarian indicator and signals more GBPUSD losses.
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