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Positioning Data Leaves us in Favor of buying British Pound

Positioning Data Leaves us in Favor of buying British Pound

David Rodriguez, Head of Product
Positioning Data Leaves us in Favor of buying British Pound

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GBPUSD The ratio of long to short positions in the GBPUSD stands at 1.06 as 51% of traders are long. Yesterday the ratio was -1.19; 46% of open positions were long. Long positions are 8.7% higher than yesterday and 3.2% below levels seen last week. Short positions are 13.7% lower than yesterday and 7.7% below levels seen last week. Open interest is 3.5% lower than yesterday and 0.6% 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. The trading crowd has flipped from net-short to net-long from yesterday but unchanged since last week. The combination of current sentiment and recent changes gives a further mixed trading bias.

See next currency section:USDJPY - Traders Buying USDJPY as it Sticks to Large Range

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

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

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