British Pound Forecast to Bounce Further
The ratio of long to short positions in the GBPUSD stands at -1.18 as nearly 54% of traders are short. It’s important to note that this is a drop from yesterday as 65% of traders were short. Yet we see fairly significant risks that the US Dollar could continue to decline into the end of the year—giving us a bullish GBPUSD trading bias.
The noteworthy GBPUSD drop may represent a good buying opportunity against recent lows of 1.5570 and 1.5400.
How do we interpret the SSI? Watch an FXCM Expo Presentation that explains the SSI.
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
To receive the SSI via e-mail and other reports from author David Rodríguez, e-mail subject line “Distribution List” to email@example.com
Contact David via Twitter at http://www.twitter.com/DRodriguezFX
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.