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British Pound Outlook Remains Bearish

British Pound Outlook Remains Bearish

David Rodriguez, Head of Product
British Pound Outlook Remains Bearish

Receive the Weekly Speculative Sentiment Index report via PDF via David’s e-mail distribution list.

GBPUSD Retail FX trading crowds remain long the British Pound versus the US Dollar, and a contrarian view of crowd sentiment points to further GBPUSD losses.

The ratio of long to short positions in the GBPUSD stands at 1.46 as 59% of traders are long. Yesterday the ratio was 1.36; 58% of open positions were long. Long positions are 0.1% lower than yesterday and 16.5% below levels seen last week. Short positions are 7.1% lower than yesterday and 8.6% above levels seen last week. Open interest is 3.1% lower than yesterday and 7.7% below 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.

See next currency section:USDJPY - One-sided Sentiment Points to Dollar Weakness, Yen Strength

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

British Pound Outlook Remains Bearish

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