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More Strength in Forecast for British Pound

More Strength in Forecast for British Pound

Christopher Vecchio, CFA, Senior Strategist
More_Strength_in_Forecast_for_British_Pound_body_Picture_1.png, More Strength in Forecast for British Pound

GBPUSD - The ratio of long to short positions in the GBPUSD stands at -2.02 as 33% of traders are long. Yesterday the ratio was -1.79; 36% of open positions were long. Long positions are 8.1% lower than yesterday and 1.2% above levels seen last week. Short positions are 3.8% higher than yesterday and 7.1% above levels seen last week. Open interest is 0.5% lower than yesterday and 13.3% above its monthly average.

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. The trading crowd has grown further net-short from yesterday and last week. The combination of current sentiment and recent changes gives a further bullish trading bias.

--- Written by Christopher Vecchio, Currency Analyst

To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com

Follow him on Twitter at @CVecchioFX

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

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