[B]GBP/USD Ratio: -1.25
Trading Forecast: Bullish[/B]
[B]Forex Positioning in the GBPUSD[/B]
[B]GBPUSD – [/B]Our forex trading positioning measure shows that the crowd continues to sell the British Pound against the US dollar—giving a contrarian signal to buy the GBPUSD. Indeed, the ratio of long to short positions in the GBPUSD stands at -1.25 as nearly 56% of traders are short. This is slightly below yesterday’s levels at -1.42 with 59% short, but we actually see that short positions have actually gained 7.0 percent on the day and 30.7 percent on the week. All the while, orders to buy the GBPUSD have actually fallen by 50.3 percent in the past seven days. The SSI is a contrarian indicator and forecasts more GBPUSD gains. Our technical forecast for the GBPUSD shows that our current bias is bearish, but a break above 1.8612 would signal potential for further rallies.