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British Pound to Continue even Lower versus US Dollar

British Pound to Continue even Lower versus US Dollar

2017-03-08 22:20:00
David Rodriguez, Head of Product
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British Pound to Continue even Lower versus US Dollar

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 3.23 as 76% of traders are long. Yesterday the ratio was 2.96; 75% of open positions were long. Long positions are 2.5% higher than yesterday and 21.4% above levels seen last week. Short positions are 5.9% lower than yesterday and 8.0% below levels seen last week. Open interest is 0.3% higher than yesterday and 0.6% 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.

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

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