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British Pound Set to Gain Further against US Dollar

British Pound Set to Gain Further against US Dollar

2012-09-27 18:35:00
Christopher Vecchio, CFA, Senior Strategist
ssi_gbp-usd_body_Picture_5.png, British Pound Set to Gain Further against US Dollar

GBPUSD The ratio of long to short positions in the GBPUSD stands at -2.85 as nearly 74% of traders are short. Yesterday, the ratio was at -2.57 as 72% of open positions were short. In detail, long positions are 4.0% lower than yesterday and 8.5% stronger since last week. Short positions are 6.2% higher than yesterday and 3.4% weaker since last week. Open interest is 3.3% stronger than yesterday and 3.0% above its monthly average. The SSI is a contrarian indicator and signals more GBPUSD gains.

How do we interpret and trade with the SSI? Watch an FXCM Expo Presentation that explains the SSI.

--- Written by Christopher Vecchio, Currency Analyst for DailyFX.com

To receive the Speculative Sentiment Index and other reports from this author via e-mail, send a message with subject line “Distribution List” to cvecchio@dailyfx.com; Contact Chris via Twitter at http://www.twitter.com/CVecchioFX

Meet the DailyFX team in Las Vegas at the annual FXCM Traders Expo, November 2-4, 2012 at the Rio All Suite Hotel & Casino. For additional information regarding the schedule, workshops and accommodations, visit the FXCM Trading Expo website.

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