British Pound May Fall Further
The ratio of long to short positions in the GBPUSD stands at 1.80 as nearly 64% of traders are long. Yesterday, the ratio was at 3.22 as 76% of open positions were long. In detail, long positions are 26.5% lower than yesterday and 32.7% weaker since last week. Short positions are 31.8% higher than yesterday and 4.9% weaker since last week.
It’s important to note that long positions have pulled back overnight, but the fact that traders remain aggressively net-long gives signal that the GBPUSD may continue lower.
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--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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