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British Pound Targets Peaks

British Pound Targets Peaks

David Rodriguez, Head of Product
ssi_gbp-usd_body_Picture_17.png, British Pound Targets Peaks

GBPUSD – Forex trading crowds have turned aggressively short the British Pound against the US Dollar since it traded above $1.5400, giving us consistent contrarian signal that the GBPUSD may in fact continue onto fresh highs.

Our SSI ratio of long to short positions in the GBPUSD stands at -2.37 as nearly 70% of traders are short. It is worth noting that short interest is down an important 38% since last week, while long interest fell a lesser 11% through the same stretch. The significant week-over-week slowdown in selling warns that the pace of gains may slow.

Yet trading crowds remain aggressively net-short, and we see few signs of imminent reversal. Our bias remains bullish until further notice.

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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