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British Pound Surge Aided by Retail Crowd Piling in Short

British Pound Surge Aided by Retail Crowd Piling in Short

Christopher Vecchio, CFA, Senior Strategist
ssi_gbp-usd_1_body_Picture_39.png, British Pound Surge Aided by Retail Crowd Piling in Short

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GBPUSDShort interest in GBPUSD has skyrocketed after a sharp rally from below $1.6300 last week to the 2014 highs (and the highest level since May 2011) at 1.6670. The retail crowd is attempting to pick the top.

Trade Implications – GBPUSD: Retail FX traders have gone ‘all in’ on shorting the GBPUSD, with the SSI ratio diving to -8.26. That means there are 8.26 traders short for every 1 long. A break of the yearly high could result in a stop run/short covering rally as clearly the market is heavily tilted towards one side. Only once retail traders capitulate will the GBPUSD bullish bias ease.

Read more: GBP/USD Approaches 2014 High as GBP/AUD Breakout Begins

--- Written by Christopher Vecchio, Currency Analyst

ssi_gbp-usd_1_body_x0000_i1038.png, British Pound Surge Aided by Retail Crowd Piling in Short

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