British Pound Forecast Turns Increasingly Bearish
GBPUSD – Forex trading crowds have become heavily net-long the British Pound against the U.S. Dollar, and the more recent acceleration in crowd sentiment further strengthens our previous bearish bias.The ratio of long to short positions in the GBPUSD stands at 4.45 as nearly 82% of traders are long. Yesterday, the ratio was at 5.07 as 84% of open positions were long. In detail, long positions are 14.9% lower than yesterday and 13.8% stronger since last week. Short positions are 3.1% lower than yesterday and 24.8% weaker since last week. Open interest is 12.9% weaker than yesterday and 0.1% below its monthly average. The SSI is a contrarian indicator and signals more GBP/USD losses.
Written by Christopher Vecchio, Currency Analyst
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