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British Pound Remains at Risk of Further Declines

British Pound Remains at Risk of Further Declines

David Rodriguez, Head of Product
British Pound Remains at Risk of Further Declines

Why and how do we use the SSI in trading? View our video and download the free indicator here

GBPUSD – The majority of retail forex traders in our sample remain long the British Pound versus the US Dollar, and a contrarian view of crowd sentiment leaves us firmly in favor of selling into declines.

Current positioning show that open GBP/USD-longs outnumber those short by a sizeable 2.2 to 1, and indeed the ratio has shown that ‘the crowd’ has remained net-long since the pair traded near $1.58 in August. It is worth noting that heavily one-sided sentiment often coincides with important turns in price; the crowd is often most long at key price reversal points. Yet such extremes are only clear in hindsight, and until we see a substantive shift in sentiment we will continue to watch for GBP/USD weakness.

See next currency section:USDCAD - US Dollar Targets Fresh Highs versus Canadian Dollar

--- 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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