British Pound Forecast Points to Continued Weakness
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GBPUSD - The ratio of long to short positions in the GBPUSD stands at 1.46 as 59% of traders are long. Yesterday the ratio was 1.46; 59% of open positions were long. Long positions are 2.0% higher than yesterday and 1.4% above levels seen last week. Short positions are 1.9% higher than yesterday and 12.0% below levels seen last week. Open interest is 1.9% higher than yesterday and 5.4% 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.