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British Pound Declines May Slow, but Downtrend not Over Yet

British Pound Declines May Slow, but Downtrend not Over Yet

David Rodriguez, Head of Product
British Pound Declines May Slow, but Downtrend not Over Yet

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

GBPUSD– A recent shift in retail forex trader positioning warns that the British Pound downtrend may slow or even reverse. In the past several weeks we’ve said almost the exact opposite--extremely one-sided trader sentiment pointed to GBP/USD losses. And yet a 30 percent jump in open GBP/USD-short positions marks an abrupt change in direction.

It’s early yet to call for an end to the clear GBP downtrend, but the sharp shift in retail trader positions suggests that price declines will at least slow through the near future.

See next currency section: AUDUSD- Australian Dollar Forecast to Hit Further Highs

--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com

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Contact David via Twitter at http://www.twitter.com/DRodriguezFX

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

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