British Pound Could Weaken Further
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.
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--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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