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Participation Down by Nearly -40% Versus Monthly Average in GBP/USD

Participation Down by Nearly -40% Versus Monthly Average in GBP/USD

Christopher Vecchio, CFA, Senior Strategist

GBPUSD - The ratio of long to short positions in the GBPUSD stands at -1.01 as 50% of traders are long. Yesterday the ratio was -1.18; 46% of open positions were long. Long positions are 9.8% lower than yesterday and 50.7% below levels seen last week. Short positions are 22.6% lower than yesterday and 1.8% above levels seen last week. Open interest is 16.7% lower than yesterday and 38.0% below its monthly average. We use our SSI as a contrarian indicator to price action, and the fact that the majority of traders are short gives signal that the GBPUSD may continue higher. The trading crowd has grown less net-short from yesterday but unchanged since last week. The combination of current sentiment and recent changes gives a further mixed trading bias.

Read more: Brexit Referendum Timeline: When Will Districts Report Results?

--- Written by Christopher Vecchio, Currency Strategist

To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com

Follow him on Twitter at @CVecchioFX

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

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