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British Pound Forecast to Trade Higher

British Pound Forecast to Trade Higher

2015-05-07 14:25:00
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 -1.00 as 50% of traders are long. Yesterday the ratio was 1.13; 53% of open positions were long. Long positions are 8.9% lower than yesterday and 9.3% above levels seen last week. Short positions are 3.0% higher than yesterday and 14.4% below levels seen last week. Open interest is 3.3% lower than yesterday and 8.5% 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 flipped from net-long to 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 - Crowd Sentiment Points to USDJPY Weakness

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

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