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British Pound at Risk for Further Declines

British Pound at Risk for Further Declines

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

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

GBPUSD–A sharp decline in the British Pound has been met with similarly aggressive retail FX trader buying, and a contrarian view of crowd sentiment leaves us calling for GBP/USD declines.

Our data shows there are currently 1.6 open positions long the GBP/USD for every one that is short—matching extremes seen through the early-December GBP decline into $1.49.

As long as crowds continue to buy, we will watch for further GBP weakness.

See next currency section:USDCAD - Forex Traders Most Short the USD/CAD Since 2011

--- 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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