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British Pound Trading Outlook Warns of Turn

British Pound Trading Outlook Warns of Turn

David Rodriguez, Head of Product
ssi_gbp-usd_body_Picture_6.png, British Pound Trading Outlook Warns of Turn

GBPUSD - The ratio of long to short positions in the GBPUSD stands at -2.55 as approximately 28% of traders are long. Yesterday the ratio was -2.12; 32% of open positions were long. In detail, long positions are 10.8% lower than yesterday and 4.5% above levels seen last week. Short positions are 7.4% higher than yesterday and 15.4% below levels seen last week. We use our SSI as a contrarian indicator to price action, and the fact that the majority of traders are short gives signal that the GBPUSD may continue higher. Current SSI is lower than yesterday and higher from last week. The combination of current sentiment and recent changes gives a further mixed trading bias.

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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