British Pound Likely set Short-Term Top
GBPUSD – Forex trading crowds remain short the British Pound against the US Dollar, and we would normally go against crowd sentiment and call for GBPUSD strength. Yet FX Futures and Options sentiment is at levels consistent with British Pound tops, and continued failure at the $1.5990 mark leaves risks to the downside through upcoming trade.
Past performance is not indicative of future results, but similar instances in the past have resulted in short-term GBPUSD declines.
How do we interpret the SSI? Watch an FXCM Expo Presentation that explains the SSI.
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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