British Pound Remains Stuck in Broader Downtrend
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GBPUSD - The ratio of long to short positions in the GBPUSD stands at 2.11 as 68% of traders are long. Yesterday the ratio was 1.79; 64% of open positions were long. Long positions are 5.9% higher than yesterday and 11.0% above levels seen last week. Short positions are 10.2% lower than yesterday and 16.6% below levels seen last week. Open interest is 0.2% higher than yesterday and 6.7% 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 further net-long from yesterday and last week. The combination of current sentiment and recent changes gives a further bearish trading bias.
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