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British Pound Forecast Neutralizes as Shorts Cut amid Rally

British Pound Forecast Neutralizes as Shorts Cut amid Rally

Christopher Vecchio, CFA, Senior Strategist
British Pound Forecast Neutralizes as Shorts Cut amid Rally

GBPUSD - The ratio of long to short positions in the GBPUSD stands at 1.67 as 63% of traders are long. Yesterday the ratio was 1.88; 65% of open positions were long. Long positions are 4.7% lower than yesterday and 20.9% below levels seen last week. Short positions are 7.3% higher than yesterday and 20.8% above levels seen last week. Open interest is 0.5% lower than yesterday and 1.9% 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 less net-long from yesterday and last week. The combination of current sentiment and recent changes gives a further mixed trading bias.

How do we interpret the SSI? Watch an FXCM Expo Presentation that explains the SSI.

--- Written by Christopher Vecchio, Currency Strategist

To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com

Follow him on Twitter at @CVecchioFX

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

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