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British Pound Gains May Slow GBPUSD - Forex trading crowds have remained net-short the British

British Pound Gains May Slow

GBPUSD - Forex trading crowds have remained net-short the British Pound against the US Dollar since the pair traded near the 1.5600 mark, providing strong contrarian signal to go long. Yet a noteworthy pullback in short interest and bounce in long positions suggests momentum may slow. The ratio of long to short positions in the GBPUSD stands at -1.98 as nearly 66% of traders are short. This compares to yesterday when the ratio was at -2.97 as 75% of open positions were short. In detail, long positions are 32.4% higher than yesterday and 7.9% weaker since last week. Short positions are 11.7% lower than yesterday and 29.2% stronger since last week. Open interest is 0.6% weaker than yesterday and 3.4% above its monthly average. The SSI is a contrarian indicator and signals more GBPUSD gains, but the moderation in sentiment suggests gains may slow.
Forex @ DailyFX - Forex Sentiment | Forex Technical Analysis


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