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Crowds Remain Strongly Short British Pound

Crowds Remain Strongly Short British Pound

2012-09-13 15:13:00
David Rodriguez, Head of Product
Share:
ssi_usd-jpy_body_Picture_8.png, Crowds Remain Strongly Short British Pound

GBPUSD – Retail FX trading crowds remain their most net-short British Pound against the US Dollar (ticker: USDOLLAR) since it set a short-term top in late August, and indeed our sentiment-based strategies remain long GBPUSD in anticipation of further advances.

Our technical forecast for the British Pound calls for a test of key resistance near $1.6215, and indeed current price momentum favors further gains. It seems ill-advised to join retail crowds in selling the GBPUSD at these levels, as there are nearly 3 traders short for every one that is long.

How do we interpret and trade with the SSI? Watch an FXCM Expo Presentation that explains the SSI.

--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com

To receive the Speculative Sentiment Index and other reports from this author via e-mail, send a message with subject line “Distribution List” to drodriguez@dailyfx.com; Contact David via Twitter at http://www.twitter.com/DRodriguezFX

Meet the DailyFX team in Las Vegas at the annual FXCM Traders Expo, November 2-4, 2012 at the Rio All Suite Hotel & Casino. For additional information regarding the schedule, workshops and accommodations, visit the FXCM Trading Expo website.

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