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British Pound May Continue Higher

British Pound May Continue Higher

2012-01-19 18:15:00
David Rodriguez, Head of Product
Share:
ssi_gbp-usd_body_Picture_8.png, British Pound May Continue Higher

GBPUSD – Forex trading crowds have turned aggressively short the British Pound against the US Dollar, giving us contrarian signal that the GBPUSD may in fact continue onto fresh highs.

The ratio of long to short positions in the GBPUSD stands at -1.45 as nearly 59% of traders are short. This is a large shift as short positions have more than doubled at +109.9% in the past 7 days. All the while, long positions are 31.0% lower than they were seven days ago, and it’s clear that sentiment has shifted considerably. We take a contrarian bullish bias on the GBPUSD

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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