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British Pound Forecast Unclear

British Pound Forecast Unclear

2011-05-26 14:15:00
David Rodriguez, Head of Business Development
Share:
ssi_gbp-usd_body_Picture_8.png, British Pound Forecast Unclear

GBPUSDChoppy British Pound price action has made for similarly indecisive forex retail crowd trading sentiment, giving unclear signal on where the GBPUSD may trade through the week ahead. The ratio of long to short positions in the GBPUSD stands near neutral at -1.12—a mere 53% of traders are short. Long positions are 5.3% lower than yesterday and 11.0% stronger since last week, while short positions are 5.1% higher overnight and down a sharp 35.3% in the past 7 days. On balance, the sharp drop in retail short open interest gives contrarian signal that the pair may continue its recent declines. Yet we will wait for clearer sentiment extremes before calling for losses with more conviction.

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