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British Pound Forecast to Fall Further

British Pound Forecast to Fall Further

2016-11-21 15:55:00
David Rodriguez, Head of Product
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British Pound Forecast to Fall Further

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

GBPUSD - The ratio of long to short positions in the GBPUSD stands at 1.56 as 61% of traders are long. Yesterday the ratio was 2.06; 67% of open positions were long. Long positions are 7.6% lower than yesterday and 1.6% above levels seen last week. Short positions are 22.0% higher than yesterday and 6.7% above levels seen last week. Open interest is 2.1% higher than yesterday and 10.0% below its monthly average.

We use our SSI as a contrarian indicator to price action, and the fact that the majority of traders are long gives signal that the GBPUSD may continue lower. The trading crowd has grown less net-long from yesterday and last week. The combination of current sentiment and recent changes gives a further mixed trading bias.

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

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