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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

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GBPUSD - The ratio of long to short positions in the GBPUSD stands at 1.13 as 53% of traders are long. Yesterday the ratio was 1.06; 51% of open positions were long. Long positions are 0.8% lower than yesterday and 8.7% above levels seen last week. Short positions are 7.4% lower than yesterday and 18.3% below levels seen last week. Open interest is 4.0% lower than yesterday and 3.2% below its monthly average. We use our SSI as a contrarian indicator to price action, and the fact that the majority of traders are long gives signal that the GBPUSD may continue lower. The trading crowd has grown further net-long from yesterday but unchanged since last week. The combination of current sentiment and recent changes gives a further bearish trading bias, and the recent break below key support at $1.5650 further supports calls for weakness.

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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