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British Pound Outlook Calls for Further Declines

British Pound Outlook Calls for Further Declines

David Rodriguez, Head of Product
British Pound Outlook Calls for Further Declines

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

GBPUSD – Our retail forex trader data shows that the majority of traders remain long the British Pound versus the US Dollar, and a contrarian view of herd sentiment leaves us calling for price weakness. Last week we noted a substantive shift in the opposite direction as a warning that GBP/USD declines would slow, but we would need a much larger shift in order to call for a complete trend turnaround.

Total short interest remains roughly unchanged despite notable GBP gains in the past week of trading. The lack of crowd selling gives us little confidence the GBP/USD will continue onto fresh highs.

See next currency section: AUDUSD - Australian Dollar Outlook Unclear until this Changes

--- 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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