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British Pound Could Fall Further

British Pound Could Fall Further

2011-09-08 16:28:00
David Rodriguez, Head of Product
Share:
ssi_gbp-usd_body_Picture_11.png, British Pound Could Fall Further

GBPUSD – Forex trading crowds remain heavily net-long the British Pound against the US Dollar, but a more recent moderation in crowd sentiment waters down our previous bearish bias. The ratio of long to short positions in the GBPUSD stands at 1.47 as nearly 59% of traders are long. Yet yesterday that same ratio was at 3.38 as 77% of open positions were long. Long positions are a noteworthy 9.2% lower than yesterday, while short positions have surged 109.7% through the same stretch. The net-long bias means the overall trend points lower, but the sharp moderation in positioning waters down our calls for declines.

To get on the mailing list for the SSI and other reports from author David Rodriguez, e-mail subject line “Distribution list” to drodriguez@dailyfx.com

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