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Sharp Shift in Sentiment Warns of British Pound Weakness

Sharp Shift in Sentiment Warns of British Pound Weakness

David Rodriguez, Head of Product
Sharp Shift in Sentiment Warns of British Pound Weakness

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GBPUSD - The ratio of long to short positions in the GBPUSD stands at 1.67 as 63% of traders are long. Yesterday the ratio was 1.21; 55% of open positions were long. Long positions are 12.5% higher than yesterday and 15.2% above levels seen last week. Short positions are 18.3% lower than yesterday and 16.6% below levels seen last week. Open interest is 1.4% lower than yesterday and 7.7% above its monthly average. We use our SSI as a contrarian indicator to price action, and the fact that the majority of traders are long gives signal that the GBPUSD may continue lower. The trading crowd has grown further net-long from yesterday and last week. The combination of current sentiment and recent changes gives a further bearish trading bias.

See next currency section:USDJPY - USDJPY Rallies Should be Sold, Dips Bought

--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com

Sharp Shift in Sentiment Warns of British Pound Weakness

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