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British Pound Sentiment Briefly Switches Direction, but Downtrend Intact

British Pound Sentiment Briefly Switches Direction, but Downtrend Intact

David Rodriguez, Head of Product
British Pound Sentiment Briefly Switches Direction, but Downtrend Intact

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 1.33 as 57% of traders are long. Yesterday the ratio was 1.15; 53% of open positions were long. Long positions are 6.5% higher than yesterday and 5.9% above levels seen last week. Short positions are 8.1% lower than yesterday and 6.3% below levels seen last week. Open interest is 0.3% lower than yesterday and 17.5% above 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.

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

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