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British Pound Forecast Less Clear as Trading Crowds Sell

British Pound Forecast Less Clear as Trading Crowds Sell

David Rodriguez, Head of Product
British Pound Forecast Less Clear as Trading Crowds Sell

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GBPUSD - The ratio of long to short positions in the GBPUSD stands at 1.24 as 55% of traders are long. Yesterday the ratio was -1.07; 48% of open positions were long. Long positions are 13.0% higher than yesterday and 4.1% below levels seen last week. Short positions are 14.9% lower than yesterday and 14.0% above levels seen last week. Open interest is 1.4% lower than yesterday and 3.5% above 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 - US Dollar Outlook Clouded versus Japanese Yen

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

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