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British Pound Forecast Depends on how it Finishes the Week

British Pound Forecast Depends on how it Finishes the Week

David Rodriguez, Head of Product
British Pound Forecast Depends on how it Finishes the Week

Receive the Weekly Speculative Sentiment Index report via PDF via David’s e-mail distribution list.

GBPUSD - The ratio of long to short positions in the GBPUSD stands at -1.14 as 47% of traders are long—effectively unchanged from yesterday. Long positions are 3.3% lower than yesterday and 17.2% above levels seen last week. Short positions are 0.7% lower than yesterday and 9.6% below levels seen last week. Open interest is 1.9% lower than yesterday and 2.4% 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 moderated since last week. The combination of current sentiment and recent changes gives a further mixed trading bias, and its next move will be critical in determining whether it remains in its multi-month uptrend.

See next currency section:USDJPY - US Dollar Clings to Key Support versus Japanese Yen

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

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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