British Pound is a Sell versus the Dollar until this Changes
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 2.37 as 70% of traders are long. Yesterday the ratio was 2.48; 71% of open positions were long. Long positions are 4.6% lower than yesterday and 24.8% above levels seen last week. Short positions are 0.1% lower than yesterday and 16.8% below levels seen last week.
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 but further long since last week. The combination of current sentiment and recent changes gives a further mixed trading bias.