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British Pound Could Weaken Further

British Pound Could Weaken Further

David Rodriguez, Head of Product
ssi_gbp-usd_body_Picture_8.png, British Pound Could Weaken Further

GBPUSD – Forex trading crowds have gone from selling GBPUSD to swiftly turning net-long, giving contrarian signal that the British Pound could hit fresh lows against the US Dollar.

The ratio of long to short positions in the GBPUSD stands at a noteworthy 1.94 as nearly 66% of traders are long. Yesterday, the ratio was at -1.31 as 57% of open positions were short. In detail, long positions are 45.3% higher than yesterday while short positions fell 42.7% through the same stretch.

The dramatic shift towards crowd buying gives contrarian signal that the pair could continue lower.

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 drodriguez@dailyfx.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.

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