News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
British Pound Bias Remains Bearish Despite Bounce

British Pound Bias Remains Bearish Despite Bounce

David Rodriguez, Head of Product
ssi_gbp-usd_body_Picture_5.png, British Pound Bias Remains Bearish Despite Bounce

GBPUSDForex trading crowds remain long the British Pound versus the US Dollar (ticker: USDOLLAR), but long interest continues to decline while short positioning grows. The fact that retail traders remain net-long leaves our overall bearish bias intact, and indeed we favor British Pound short positions as long as price remains below the pair’s June high at $1.56.

Our proprietary sentiment-based trading strategies have nonetheless gone long GBPUSD on the build in short interest. The long position could succeed if price remains above key support at $1.5400, but our broader preference remains to sell any major GBPUSD rallies (and buy US Dollar dips).

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.

DISCLOSURES