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British Pound Forecast to Gain on Material Shift in Positions

British Pound Forecast to Gain on Material Shift in Positions

David Rodriguez, Head of Product
British Pound Forecast to Gain on Material Shift in Positions

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GBPUSD - The ratio of long to short positions in the GBPUSD stands at -1.45 as 41% of traders are long. Yesterday the ratio was -1.36; 42% of open positions were long. Long positions are 6.7% lower than yesterday and 19.9% below levels seen last week. Short positions are 0.4% lower than yesterday and 43.7% above levels seen last week. Open interest is 3.1% lower than yesterday and 5.7% above 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 further net-short from yesterday but unchanged since last week. The combination of current sentiment and recent changes gives a further bullish trading bias.

See next currency section:USDJPY - Dollar May Lose Further versus Japanese Yen

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

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