Skip to Content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View More
British Pound May Drop, but We’re Waiting for Bigger Shift in Sentiment

British Pound May Drop, but We’re Waiting for Bigger Shift in Sentiment

David Rodriguez, Head of Product

View Real-Time SSI Updates via the FXCM Trading Station Desktop

See a video on why we use the Speculative Sentiment Index as a contrarian indicator in our trading

GBPUSD – Retail forex traders remain long the British Pound versus the US Dollar, but a recent shift in positioning suggests that the GBP may be at a key turning point. Total open long positions fell 7 percent since last week while short positions rose by a comparable 6 percent.

The fact that traders remain net-long would normally leave us with a contrarian bearish trading bias. Yet it is likewise clear that many are reducing exposure ahead of the pivotal US FOMC rate decision. Risks remain modestly to the downside for the GBP/USD, but we would ideally see stronger crowd conviction before taking a strong trading bias.

See next currency section: USDJPY - We’ll Wait to See Major US Dollar Breakout versus the Yen

--- Written by David Rodriguez, Quantitative Strategist for

To receive the Speculative Sentiment Index and other reports from this author via e-mail, sign up for his distribution list via this link.

Contact David via

Twitter at

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