British Pound Expected to Continue Bigger Decline
Markets

British Pound Expected to Continue Bigger Decline

DailyFX.com -

British Pound Expected to Continue Bigger Decline

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 1.76 as 64% of traders are long. Yesterday the ratio was 1.50; 60% of open positions were long. Long positions are 5.3% lower than yesterday and 27.8% below levels seen last week. Short positions are 19.2% lower than yesterday and 24.7% above levels seen last week. Open interest is 10.9% lower than yesterday and 11.1% 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.

original source

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

Learn forex trading with a free practice account and trading charts from FXCM .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Other Topics

ForEx