[B]GBP[/B][B]/USD Ratio: 1.30
[/B][B]Signal: Bearish[/B]
[B]Currency[/B] [B]Last Week[/B] [B]Present*[/B] [B]% Long[/B] [B]% Change in Positions Outstanding[/B] [B]Signal[/B] GBPUSD 1.21 [B]1.30[/B] 57% -18.80% Bearish
[B]GBPUSD – [/B]The ratio of long to short positions in the GBPUSD stands at 1.29 as nearly 56% of traders are long. British Pound traders have shown little conviction in buying or selling, and this effectively gives us unclear forecasts of what to expect for the GBP. It is subsequently unsurprising to note that the Pound has remained Rangebound since its previous tumbles, and we predict that the GBPUSD will continue to range trade through the short-term. We will wait for more extreme readings in the GBPUSD SSI ratio before stating a firmly directional bias in the British Pound, but the currently positive ratio suggests we may expect further medium term declines in the British currency. Yet our technical specialist predicts that the GBPUSD has actually set a short-term bottom through recent forex trading.