British Pound Outlook Remains Bearish on Sharp Sentiment Shifts
Posted: 02-07-2009 , 19:25 GMT
GBPUSD – Sharp shifts in British Pound/US Dollar sentiment give us signal that the GBPUSD may continue to decline. Indeed, our sentiment-based forex trading strategies remain heavily short the pair on the pair’s recent drops. The ratio of long to short positions in the GBPUSD stands at 1.31 as nearly 57% of traders are long. Yesterday, the ratio was at 1.06 as 51% of open positions were long. In detail, long positions are 10.3% higher than yesterday and 28.7% stronger since last week. Short positions are 10.5% lower than yesterday and 9.4% weaker since last week. The clear forex crowd shift towards GBPUSD longs gives us contrarian signal to sell the currency pair.
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