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  • Forex Update: As of 14:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: 0.10% 🇪🇺EUR: 0.03% 🇯🇵JPY: -0.02% 🇨🇦CAD: -0.29% 🇦🇺AUD: -0.40% 🇳🇿NZD: -0.42% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/1QhBhWISuN
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  • IG Client Sentiment Update: Our data shows the vast majority of traders in USD/CHF are long at 74.02%, while traders in France 40 are at opposite extremes with 80.05%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/sFrrynaDw7
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British Pound Forecast to Trade Higher

British Pound Forecast to Trade Higher

David Rodriguez, Head of Product
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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