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  • The Hang Seng Index #HSI appears to face an immediate resistance at 29,870 (127.2% Fibonacci extension). Prices surged more than 3% before pulling back slightly in the afternoon trading session. Stock connections registered over HK$ 20 billion net southbound flow today. https://t.co/3J5JNIVopi
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  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 100.00%, while traders in Germany 30 are at opposite extremes with 66.75%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/KdbuJBLZMr
British Pound May Stick to Tight Range

British Pound May Stick to Tight Range

David Rodriguez, Head of Product
British Pound May Stick to Tight Range

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

GBPUSD– Our retail FX trader data shows the majority of open GBP/USD positions remain long, but a sharp recent shift towards selling paints a mixed picture for our sentiment-based price forecast. We have gotten caught on the wrong side of the trade for two weeks in a row—the majority of traders bought GBP/USD as it hit key lows and sold at highs. We most often do the opposite of what retail traders are doing, and clearly their outperformance means our strategy has failed.

The next question is simple—will the GBP/USD continue to trade in a choppy range? Our data shows retail traders tend to buy low and sell high, and such a strategy is well-suited to range-bound market conditions. We may need to see a notable jump in FX volatility to resume trading against the crowd; our sentiment-based forecast will remain unclear until this changes.

See next currency section: NZDUSD - New Zealand Dollar Forecast to Gain Unless 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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