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British Pound is a Sell versus the Dollar until this Changes

British Pound is a Sell versus the Dollar until this Changes

David Rodriguez, Head of Product

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.

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

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