British Pound Forecast Turns Bearish on Crowd Positioning

[B]GBPUSD –[/B] Forex trading crowds have continued to sell the British Pound against the US Dollar, but the rate of selling has dropped sharply and our SSI-basedforex trading systems have actually sold the currency pair. The ratio of long to short positions in the GBPUSD stands at -1.18 as nearly 54% of traders are short. Yesterday, the ratio was at 1.03 as 51% of open positions were long. In detail, long positions are 19.3% lower than yesterday and 0.7% stronger since last week. Short positions are 1.8% lower than yesterday and a substantial 32.3% weaker since last week. Open interest is 10.7% weaker than yesterday and 64.9% above its monthly average. The sharp drop in short positions lends credence to the argument for a noteworthy GBPUSD top.