British Pound Likely to Trade Lower versus US Dollar
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GBPUSD - The ratio of long to short positions in the GBPUSD stands at 1.55 as 61% of traders are long. Yesterday the ratio was 1.40; 58% of open positions were long. Long positions are 4.5% higher than yesterday and 5.9% below levels seen last week. Short positions are 6.0% lower than yesterday and 0.6% above levels seen last week. Open interest is 0.1% higher than yesterday and 6.5% 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 but moderated since last week. The combination of current sentiment and recent changes gives a further mixed trading bias.
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