DailyFX.com -
Why and how do we use the SSI in trading? View our video and download the free indicator here
GBPUSD - Retail FX traders are once again net-long the British Pound versus the US Dollar, and a contrarian view of crowd sentiment leaves us in favor of selling into weakness.
Our data shows traders remained net-long GBP/USD as it fell from $1.53 to lows near $1.38 but briefly turned net-short as of last week. A switch back to net-long suggests the longer-term downtrend is once again in effect, and indeed it would take a substantive shift in the opposite direction to change our broadly bearish trading bias.
See next currency section : USDJPY - US Dollar Remains a Sell versus the Japanese Yen
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
To receive the Speculative Sentiment Index and other reports from this author via e-mail, sign up for his distribution list via this link .
Contact David via Twitter at http://www.twitter.com/DRodriguezFX
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.
