British Pound Forecast Unclear Amidst Shift
GBPUSD – Forex trading crowds once again turned net-short the exceedingly choppy British Pound/US Dollar pair. The ratio of long to short positions in the GBPUSD stands at -1.68 as nearly 63% of traders are short. Yesterday, the ratio was at 1.51 as 60% of open positions were long. In detail, long positions are a substantial 49.8% lower than yesterday and 55.9% weaker since last week. Short positions are 27.6% higher than yesterday and 28.4% stronger since last week. Open interest is 18.9% weaker than yesterday and 14.0% below its monthly average. The SSI is a contrarian indicator and signals short-term gains. Yet extreme price choppiness warns that the GBPUSD could just as easily flip direction and continue its recent correction lower.
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