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 firstname.lastname@example.org; 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.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.