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Positioning Data Leaves us in Favor of buying British Pound

Positioning Data Leaves us in Favor of buying British Pound

2015-04-23 15:15:00
David Rodriguez, Head of Product
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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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