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British Pound Forecast to Trade Higher

British Pound Forecast to Trade Higher

2015-04-30 14:20:00
David Rodriguez, Head of Product
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British Pound Forecast to Trade Higher

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GBPUSD - The ratio of long to short positions in the GBPUSD stands at -1.28 as 44% of traders are long. Yesterday the ratio was -1.29; 44% of open positions were long. Long positions are 6.3% lower than yesterday and 15.8% below levels seen last week. Short positions are 7.1% lower than yesterday and 13.3% above levels seen last week. Open interest is 6.7% lower than yesterday and 4.2% below its monthly average. We use our SSI as a contrarian indicator to price action, and the fact that the majority of traders are short gives signal that the GBPUSD may continue higher. The trading crowd has grown less net-short 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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